Angola’s upstream regulator the National Oil, Gas & Biofuels Agency (ANPG) is offering five marginal fields for exploration in addition to 24 other block opportunities. Situated in operated blocks and featuring competitive fiscal terms, these fields offer accessibility for smaller E&P firms looking at either entering or expanding their footprint in the region.
The sixth edition of Angola Oil & Gas (AOG) – taking place September 3-4, 2025, in Luanda – will showcase Angola’s marginal field opportunities. Convening major operators, Angolan government officials and independent oil and gas firms, the event will deliberate the strategic value of Angola’s marginal fields, offering further exposure to opportunities and enticing new players to invest.
Angola’s Marginal Fields
As sub-Saharan Africa’s second-largest oil producer, Angola has long-relied on large-scale offshore developments to sustain its production levels. But focus has shifted to a diversified portfolio, with the ANPG promoting investment in marginal fields to support national efforts to maintain output above one million barrels per day beyond 2027.
In 2024, the ANPG announced five marginal fields for exploration. These include the Kiame, 4_24 and Kiabo prospects, situated in Block 4; the Malange, Lucapa and Gabela prospects, situated in Block 14; and the Xikomba, Mbulumbumba, Tchihumba and Vicango prospects, situated in Block 15. Additional fields include the Canna prospect in Block 17/06 and the Chumbo prospect in Block 18.
Strategic Value
Angola’s marginal fields represent a compelling investment opportunity for several reasons. The fields are situated in operated blocks, and as such, are in close proximity to existing production facilities such as pipelines and export terminals. Notably, the Xikomba, Mbulumbumba, Tchihumba and Vicango prospects lie in Block 15, one of Angola’s largest producing blocks. Boasting 17 previous discoveries and approximately 4 billion barrels of recoverable resources, Block 15 continues to show growth potential, with its most recent discovery made at the Likember-01 well in 2024. Similarly, the Chumbo prospect lies in Block 18, which features five producing fields as part of the larger Greater Plutonio development. Investing in these prospects will lead to reduced development costs for marginal operators, highlighting a commercial opportunity for companies.
Meanwhile, marginal fields are backed by supportive policies and improved fiscals, including advantageous royalty, tax and depreciation regimes. In 2018, the government reduced the headline tax rates for marginal fields, with fields offering discoveries of less than 300 million barrels of oil reduced from 20% to 10%. The petroleum production tax was also reduced from 20% to 10% while the petroleum income tax was reduced from 50% to 25%. These terms provide a much-needed incentive for small to medium enterprises to invest.
The Road Ahead
Looking ahead, Angola’s commitment to industry reform and flexible investment models are expected to attract greater participation by a suite of players. By introducing focused tax reductions for marginal fields, the government has sought to improve the economics of previously-deemed uncommercial discoveries offshore. This approach will further boost investment in marginal fields, especially as new exploration campaigns kick off.
In 2025, Angola will launch its final oil tender under its six-year licensing round – launched in 2019. Featuring nine deepwater blocks in the Kwanza and Benguela basins, the round is expected to draw significant interest by foreign and local players. A number of blocks are currently being awarded from the 2023 onshore tender, while E&P firms double-down on drilling at blocks awarded through the 2021/2022 tender. Amid this exploration drive, Angola’s investment model for marginal fields covers any future prospects, providing greater flexibility for upcoming discoveries. By offering new incentives for a broader range of oil and gas companies, Angola is not only supporting production growth but diversifying its portfolio of both operators and active fields.
