Angola plans to maintain oil production at 1.1 million barrels per day (bpd) until 2027, thereafter increasing output to over 2 million bpd to stimulate economic growth. As the linchpin of the economy, Angola’s oil and gas industry has seen aggressive reform since 2017, with the government’s continuous competitive focus guaranteeing attractive fiscal and contractual terms for investors. As such, the AEC is calling on global E&P companies and technology providers to invest in Angola.
For decades, Angola’s oil and gas industry has delivered high returns for investors, with economic stability, proven petroleum plays and strong local partners underpinning the success of multi-million-dollar investments. The introduction of a six-year licensing round in 2019, in tandem with proven and frontier exploration opportunities, has only enhanced the sector’s attractiveness.
Amid growing international interest, the country’s premier industry event, Angola Oil & Gas, AOG, returns for its fifth edition on October 2-3, 2024. The event is proudly endorsed by the AEC and is set to connect international players with partnership and investment opportunities across Angola’s oil and gas market.
AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola’s oil and gas industry.
While recognised as a mature oil market, Angola continues to offer frontier opportunities for explorers. Earlier this month, energy major TotalEnergies reached FID on the Cameia and Golfinho fields in Angola’s Block 20/11. Part of the $6-billion Kaminho deepwater project, the first large-scale deepwater development in Kwanza Basin, the fields are on track for first production by 2028.
Angola’s producing blocks also offer opportunities for enhanced output, with expanded drilling programmes revealing extended deposits. Earlier this month, energy major ExxonMobil announced an oil discovery at the Likember-01 research well in Block 15 offshore Angola. The well revealed the existence of high-quality, hydrocarbon-bearing sand packages and is the first well to be drilled as part of a large incremental production initiative.
Other projects are also advancing, the construction of the Soyo II Combined Cycle Power Plant is expected to start this year; the Quiluma and Maboqueiro gas project is on track for first production in 2026; the Agogo Integrated West Hub development project targets first production in mid-2026; and FID for the Ndungu oil field is expected later this year. Multinational oilfield services company Saipem has been awarded an $850-million contract by international energy company Azule Energy for the development of the field.
