AEW 2026: Sonangol Advances IPO Plans

Angola’s national oil company, Sonangol, has advanced plans for an initial public offering (IPO) while expanding oil production and investing in domestic refining.

The company, through Executive Board Member Osvaldo Inácio, outlined its plans at the opening ceremony of African Energy Week (AEW) 2026 on Tuesday. Inácio said Sonangol remained committed to privatisation as it prepares for its next phase of growth after marking its 50th anniversary in 2026.

Inácio said the company was carrying out internal work to ensure the IPO delivers value to future shareholders.

“We want to make sure that we do it in a way that, when you buy your shares, you are happy with the performance of those shares. We are doing the internal work required to make sure that when we get to that point, it’s a successful story,” he said.

He added that Sonangol’s next 50 years would focus on turning Angola’s oil and gas resources into wider economic growth.

“We are thinking about what the next 50 years will be like, focusing on producing to transform. We are not only looking at managing resources but how we translate those resources into overall development in the country,” Inácio said.

Sonangol is also advancing exploration and development across its oil and gas portfolio. In September, the company reported completing a formation test at the Katambi-2 well in Block 24. The test targeted a non-associated gas reservoir and will help assess the field’s development potential.

Meanwhile, Sonangol and its partners reported about 100 metres of net oil pay at PAC 416 in Block 3/05. The work forms part of efforts to increase production from operated assets. Inácio said the company was focused on keeping existing assets productive while moving new projects forward.

“If you look at our portfolio, we have both operated and non-operated assets. The focus is on making sure we are doing everything we can to make sure those assets are still producing at the highest rate possible,” he said.

He also confirmed that development work was progressing in Block 3/05. Sonangol is also involved in the Kaminho project with TotalEnergies.

Beyond upstream production, Angola is investing in domestic refining to retain more value from its oil resources. The government reported in September that the Lobito refinery was about 26% complete, with roughly $1.6 billion invested. The project is expected to be completed in 2029, while a proposed petrochemical complex remains under study.

The refinery plans add to Sonangol’s wider downstream strategy, which includes the first 30,000-barrel-per-day phase of the Cabinda refinery. As the company pursues its IPO and expands its operations, financing, technical partnerships, and progress on major projects will be important to its long-term growth plans.