The rise in oil prices on the international market is driving new international investment in the oil and gas sector to Angola, according to a new report by Deutsche Bank.

Angola recorded 1.06 million barrels per day (bpd) of crude oil production in April, making it Africa's largest crude oil producer in the month, the Organization of the Petroleum Exporting Countries (OPEC) said in its monthly market assessment document.

Angola, Africa's second largest oil producer, has the second largest oil reserves on the continent, estimated at almost nine billion barrels of proven crude oil reserves and 1.6 trillion cubic feet of proven natural gas reserves.

According to the bank, the new investment and bank loans support the Angolan government in its environmental, social and energy security objectives, the report said, citing Azule Energy's pre-export financing of 2.5 billion dollars, signed in August 2022.

The company was formed as a 50/50 joint venture between the Angolan operations of oil industry leaders BP and ENI, making it Angola's largest independent oil and gas producer.

The venture holds two billion barrels equivalent of liquid resources and is growing to around 250,000 barrels equivalent per day (boe/d) of oil and gas production over the next five years.

Angola already obtains more than half of its energy from hydroelectric power, thanks to its vast network of waterways, and is well placed to take advantage of its onshore and offshore wind resources, says a source consulted by MZNews.

"Angola is looking to other continents, such as Europe, which is home to a large number of companies with extensive experience in the successful execution of wind energy projects and which can serve as ideal partners," noted Energy, Capital and Power in 2022.