The Forvis Mazars Group recently presented in Cape Town, South Africa, the report “Powering Africa’s Future”, which analyzes the main energy trends on the African continent and highlights Angola as one of the key players in the continent’s energy transition.
With significant advances in diversifying its electricity mix and harnessing renewable energy sources, the study recognizes Angola as one of Africa’s largest oil and gas producers while praising the country’s efforts to promote cleaner, more sustainable, and inclusive energy.
According to the report, Angola has around 9 billion barrels of proven oil reserves and 11 trillion cubic feet of natural gas. In 2024, it was the second-largest oil producer in Africa, accounting for 18% of total continental production, behind Nigeria (22%) and ahead of Algeria (16%).
The oil sector remains the engine of Angola’s economy, representing about 60% of GDP and directly employing 36,000 workers. Between 2019 and 2024, the country awarded 32 oil concessions, with total investments exceeding 18 billion US dollars. In the electricity sector, Angola has made steady progress in its energy transition, heavily investing in the use of its vast hydropower resources.
The Laúca Dam (2.07 GW) reached full capacity in 2023, while Caculo-Cabaça (2.17 GW) is set to become the largest hydroelectric power plant in Africa. Currently, more than 70% of the electricity generated in Angola comes from hydropower, placing the country among the regional leaders in clean energy production.
Installed electricity generation capacity reached 6.3 GW in 2024, with ambitious goals to reach 9.64 GW by 2027, under the “Angola Energia 2025” strategy, which also includes solar, wind, and biomass projects.
Despite the progress, significant challenges remain. The electricity access rate stands at 51.1%, with stark disparities between urban areas (43%) and rural areas (less than 10%). The report highlights the importance of accelerating electrification projects, especially in remote areas, and investing in off-grid solutions.
Although countries such as Nigeria, Algeria, and Egypt have higher levels of production and refining capacity, Angola stands out as a regional leader in hydropower potential and in the transition to renewable energy sources, assuming a strategic role in Africa’s energy future.
“In a rapidly transforming sector, our clients seek clarity and confidence,” said Paulo Moreira, Managing Director of Forvis Mazars Angola.
“Our mission is to turn regulatory and market complexity into opportunities for sustainable investment in Africa,” he added. “Angola is undergoing a transformative shift in the electricity and renewables sector, and the country has all the conditions to position itself as a regional leader in clean energy production and the attraction of sustainable investment.”
Source: O País Angola
