Angola aims to achieve long-term energy security and industrial growth by leveraging its 9 billion barrels of oil and 11 trillion cubic feet of natural gas resources. Growing the technical and financial capabilities of local entities like Angolan upstream player ACREP are crucial for ensuring the continued and sustainable development of the country’s hydrocarbon resources.
In line with its commitment to drive investment in Angola’s oil and gas market, ACREP has joined the African Energy Week (AEW): Invest in African Energy 2024 conference – taking place from 4 – 8 November in Cape Town – as a Silver Co-Sponsor of the “Invest in Angola” roundtable. Featuring the country’s key energy policymakers, regulators and private sector players, the roundtable will outline the latest projects and current investment and partnership opportunities shaping Angola’s energy industry.
ACREP is one of Angola’s leading indigenous explorers and has played a pivotal role in driving upstream activity for the past two decades. ACREP has drilled over 15 wells, resulting in two marginal discoveries in the onshore Cabinda Norte Block, and has invested over $80 million in exploration activities since 2004. In addition to maintaining oil production above 1.18 million barrels per day, Angola is also aiming to diversify its energy mix, with a 25% target set for gas in the energy mix by 2025.
Earlier this year, ACREP was awarded the license to operate Block KON 19 as part of Angola’s latest bid round. The company’s exploration activities in the block are set to generate new investments in Angola’s upstream market. In Block 1/14 – where the firm carries a 10% interest – ACREP is working with Azule Energy to unlock the asset’s full potential, with two wells slated for drilling in the first half of 2024 and 2025.
ACREP acquired operatorship and a 55% interest in the Cabinda Sul Block last year – comprising six producing oil and gas fields – and is looking to develop synergies between the two onshore Cabinda assets. With ACREP seeking exploration partners on the block, AEW: Invest in African Energy 2024 represents the premier platform for the firm to connect with potential investors and showcase its latest developments. The company is also seeking investment for a 25 MW gas-fired power plant in Cabinda, affirming its commitment to creating power sector synergies and establishing an integrated gas value chain.
“ACREP’s success in Angola and evolution into an onshore operator is a testament to the skill set, dynamism and vision of local players in the sector. The Chamber welcomes ACREP as a Co-Sponsor of the Invest in Angola roundtable, where investment opportunities across Angola’s energy value chain will be showcased, operational updates will be given and new partnerships will be formed,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.
AEW 2024 serves as a crucial meeting place for global leaders, stakeholders, governments, and energy companies to discuss Africa’s growing projects, strengthen partnerships, and finalize new deals. With its extensive program, the conference will showcase Africa’s diverse energy industry, providing valuable insights and opportunities for all participants.Distributed by APO Group on behalf of African Energy Chamber.
