Angola will launch its next oil and gas licensing round in 2025 and is inviting US-based exploration and production companies to invest in upcoming block opportunities. Part of a six-year licensing round launched in 2019, the country concluded a 12-block tender in January 2024 and is currently finalizing production sharing negotiations.
Speaking during a networking function hosted by Angola Oil&Gas (AOG) 2024 in Houston on March 19, Secretary of State for Oil&Gas, H.E. José Alexandre Barroso said: “For us it is very important to be here, promoting the opportunities in the Angolan oil and gas sector.”
He continued: “Although we recognize the importance of the energy transition, we do believe that both hydrocarbons and renewables can work together, and therefore we are still looking for investment in the oil sector while trying to make this industry cleaner, making sure that we acquire the newest technology to lower carbon and methane emissions.”
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 ANPG; 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. The event takes place on 2-4 October 2024 in Luanda. To sponsor or participate as a delegate, please contact [email protected].
The country’s national concessionaire and regulator – the National Oil, Gas&Biofuels Agency (ANPG) – outlined the success of previous bid rounds, inviting US companies to invest in exploration in support of Angola’s two million-barrel-per-day (bpd) production goal.
“One of the things we have been very good at is our agility and focus on acting at the right time, finding solutions whether it is legal, contractual or fiscal, to ensure that there is stability but also improving upon the lessons learned that we see happening around the world,” said Alcides Fernandes Mendes de Andrade, Executive Administrator at the ANPG.
“We do have a wide range of opportunities. Fourteen blocks offshore – eight in shallow water and six in deep water – most are high potential blocks in proven basins. [There are] eight onshore blocks in the Congo and Kwanza basins … we are now going back to these blocks and they also have high prospectivity.”
With over 2.5 billion barrels of proven oil reserves and 11 trillion cubic feet of proven natural gas reserves, Angola offers a wealth of opportunities for global investors. The country aims to utilize gas for 25% of its energy needs by 2025 while increasing oil production to 1.18 million bpd in 2024 and 2 million bpd in the long-term.
Representing an established oil and gas market, Angola continues to offer significant potential in both on- and offshore exploration. Andrea Lovatini, Director of Exploration Data and Geosolutions at SLB and Chairman at EnerGeo Alliance, gave insight into the strategic opportunity that lies in Angola’s hydrocarbon basins.
“The country has huge potential. The subsurface is really, really prospective, and we have a lot of new technology from the industry that can unlock these resources,” he said. “We see a lot of investment moving to West Africa. Angola has one of the richest portfolios and from a geological perspective, this is one of the most intriguing countries.”
As such, investing in Angola will not only support national production goals but unlock high returns for foreign investors. During the country’s premier industry event – AOG 2024 – Angola’s investment opportunities will be further unpacked. Taking place in Luanda on October 2-3, AOG 2024 is organized by Energy Capital&Power (ECP) with the full support of the Ministry of Mineral Resources, Petroleum and Gas. The event convenes global investors and Angolan government with the aim of Driving Exploration and Development Towards Increased Production in Angola.
The time to invest in Angola is now. Join the AOG 2024 conference today by visiting www.AngolaOilandGas.com.
Distributed by APO Group on behalf of Energy Capital&Power.