A panel discussion held during the first day of the Angola Oil & Gas (AOG) 2023 conference and exhibition featured valuable insight from major oil and gas companies operating in Angola, who discussed decarbonization strategies amidst net-zero targets and global trends in the upstream sector. Under the theme, ‘Breaking New Ground: Decarbonizing Oil and Gas in Angola’ panelists also explored new investment opportunities to offset declines in production while ensuring a sustainable future for Angola’s oil and gas resources.

Moderated by Manuel Mota, Partner and Leader of Climate Change and Sustainability Services at EY, the panel featured Adriano Mongini, CEO, Azule Energy; Edson dos Santos, CEO, Etu Energias; Billy Lacobie, Managing Director of Southern Africa Strategic Business Unit, Chevron; Ricardo Van Deste, CEO, Sonangol E&P; and Mutombo Dondo, Deputy Managing irector & Asset Director at TotalEnergies E&P Angola.

Africa's oil and gas sector faces the dual challenge of meeting growing energy demand while curbing emissions. As the largest independent equity producer of oil and gas in Angola, Azule Energy's CEO underscored the company's commitment to both decarbonizing its operations and optimizing production.

“In terms of decarbonization, on the producing asset, the two biggest assets are reducing flaring and reducing emissions,” Mongini stated, adding, “On the new implementation, we are seeing a new Floating, Production, Storage and Offloading (FPSO) unit arrive in 2026. At this new FPSO, we have been implementing all the new technologies to decarbonize while maximizing efficiency.

With a view to reducing the emission of harmful gases in the environment private oil company Etu Energias, through its CEO, outlined the firm’s strategy to participate in the reduction of carbon emissions while ensuring operational efficiency.

“We really look at taking care of the environment, but we always look at prioritizing what helps us from a financial standpoint as well as from an operational standpoint,” dos Santos stated, adding, “Firstly, we look at flare reduction. Secondly, we look at leak detection. Third, we have made a big effort in planting trees to remove carbon from the atmosphere. And if I have to bring a fourth point, it will be how to use carbon dioxide to improve oil recovery efforts.”

Meanwhile, exploring the role that the country’s National Oil Company (NOC), Sonangol, will play in advancing Angola’s energy market expansion agenda under a just and inclusive energy transition, Van Deste outlined the NOC’s decarbonization strategy and how technology will play a stronger role in the country’s sustainability goals.

“Sonangol is looking at four main aspects of decarbonization. We look at reducing gas flaring, we look at oil being discharged into the sea, we look at the fuel that our fleet consumes, and we also look at power generation systems. Improvement in these aspects are just some examples of initiatives that we can do to contribute to the overall decarbonization efforts in the country,” Van Deste stated.

It was noted during the panel discussion that oil and gas supermajors have an important role to play, not just in decarbonization, but in eradicating energy poverty. As such, opportunities have emerged for international oil companies such as Chevron to find opportunities in investing in new technologies that maximize efficiency while ensuring that sustainability targets are met.

“First and foremost, we believe energy is required to continue to evolve the world,” Lacobie stated, adding, “And we believe that the future of energy comes from lower carbon resources. Chevron’s strategy is that we plan to grow oil and gas production while, at the same time, reducing our emissions to ensure that we meet our sustainability targets.”