(WO) — African Export-Import Bank (Afreximbank) is exploring additional financing opportunities across Angola’s oil and gas sector after investing nearly $2 billion in the industry, with a focus on expanding the ownership and operating roles of local companies.
The bank outlined its plans during a Local Content Development Forum in Luanda, where government agencies, financial institutions, operators and Angolan companies examined financing and investment opportunities across the country’s energy sector.
Discussions focused on barriers facing indigenous oil and gas companies, including access to financing, project bankability, execution capabilities and market access. Afreximbank said project finance, trade finance and transaction structures could help local companies move beyond service provision into greater asset ownership and operatorship.
“Angola has built a strong platform for its energy sector, with Afreximbank playing a longstanding role in structuring, financing and mobilising capital to support its development at scale,” said Haytham Elmaayergi, executive vice president, Global Trade Bank, Afreximbank. “The next phase is about enabling more Angolan companies to move from participation and service provision towards ownership and scale.”
The bank highlighted a pipeline of investment opportunities across Angola’s energy sector, including $2.5 billion associated with Lobito Oil, $1 billion for Sonangol, $1.4 billion for Amufert and $280 million for Itracom. Participants discussed how government institutions, local banks, operators and investors could help move the opportunities toward implementation.
Afreximbank also pointed to Nigeria as an example of indigenous operators expanding through acquisitions. Oando’s $783 million acquisition of Nigerian Agip Oil Company increased its interests in OMLs 60–63 from 20% to 40%, while Heirs Energies acquired a 45% interest and operatorship of OML 17.
The bank said similar access to capital, partnerships and transaction structures could help Angolan companies expand their ownership and operating positions as the country seeks to increase local participation across its oil and gas industry.
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