Afreximbank is targeting a $5.18 billion pipeline of oil and gas opportunities in Angola as the country pushes to give more local companies ownership stakes and bigger operating roles in its energy industry.

The pipeline includes $2.5 billion for Lobito Oil, $1.4 billion for Amufert, $1 billion for Sonangol and $280 million for Itracom, highlighting the scale of capital Angola needs to expand domestic participation across its oil and gas value chain.

The opportunities were unveiled at Afreximbank’s Local Content Development Forum in Luanda on Sept. 9, where government agencies, banks, operators and investors examined how project finance, trade finance and investment could turn Angola’s local-content ambitions into larger domestic businesses.

Afreximbank shifts focus to local ownership

For Afreximbank, the opportunity extends beyond financing individual projects. The bank wants to help Angolan companies progress from providing services to owning assets and taking larger operating roles in the industry.

Haytham Elmaayergi, Afreximbank’s executive vice president for Global Trade Bank, said the bank’s next phase of engagement in Angola will focus on enabling more indigenous companies to achieve greater scale and ownership.

Companies face several hurdles in making that transition, including access to suitable financing, project bankability, execution capacity and market access. The forum examined ways to address those constraints through project and trade finance, downstream infrastructure and industrial development.

Afreximbank said it has invested close to $2 billion in Angola’s oil and gas sector, giving the bank an established position as the country seeks to deepen domestic participation.

Nigerian deals offer a model for African ownership

The bank also pointed to developments in Nigeria involving Oando and Heirs Energies as examples of how African companies can take greater ownership and operating responsibility in the energy industry.

Oando’s $783 million acquisition of the Nigerian Agip Oil Company increased its interests in Oil Mining Leases 60 to 63 from 20% to 40%.

Heirs Energies, meanwhile, acquired a 45% interest in OML 17 and assumed operatorship of the asset.

For Angola, the $5.18 billion pipeline underscores the scale of financing required as the country seeks to turn local-content ambitions into greater domestic ownership, investment and industrial participation across its oil and gas value chain.