Angola Oil & Gas (AOG) 2024 will host a networking event on March 19 in Houston in collaboration with Angola’s national concessionaire and industry regulator, the National Oil, Gas & Biofuels Agency (ANPG). Speakers are expected to highlight the significant opportunities Angola’s oil and gas sector continues to offer investors across the entire value chain, but particularly in exploration and production.
Angola plans to increase oil production to 1.18 million barrels per day (bpd) this year to reach previous heights of close to 2 million bpd in the mid-to-long term, following an expected boom in new exploration. To this effect, Angola is inviting global E&P companies to invest in exploration to achieve this goal. The country concluded its most recent oil licensing round – a 12-block tender featuring blocks in the Lower Congo and Kwanza basins – in January 2024, with the next round scheduled for 2025.
Angola’s proven oil and gas resources are estimated at nine billion barrels of oil and 11 trillion cubic feet of gas, respectively. Despite representing a largely established hydrocarbon market – producing above one million bpd on average -, the country has only just started to unlock the full potential of its oil and gas resources, highlighting lucrative opportunities for US investors. The country offers investment prospects in both on- and offshore oil as well as emerging opportunities in gas exploration and LNG.
Energy company Corcel revealed positive drilling results at KON-11 in the Kwanza Basin in December 2023, indicating the strong return of onshore oil production in the country. Just the year before, US-based ExxonMobil discovered the Bavuza South-1 well in Block 15, offshore Angola. To invite regular investment in Angola’s oil and gas basins and unlock fresh new finds, the ANPG launched a six-year licensing round in 2019. The success of this multi-year strategy is seen through the growing interest in the licensing rounds themselves, with 53 bids submitted for the recent 12-block tender alone.
Organized by Energy Capital & Power, 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.
Angola’s government plans to utilize natural gas to fulfill 25% of the country’s energy needs by 2025. New terms for gas exploration and development are highly attractive and competitive compared to other basins, already leading to the commitment of several majors – including Eni, Chevron, and TotalEnergies – to develop, together with Angolan NOC Sonangol, the Quiluma and Maboqueiro gas finds in Angolan shallow waters. FID was made in June 2022 with the gas expected to supply the Angola LNG plant. The project represents the first non-associated gas development in Angola and has a capacity of 4 billion cubic feet per year.
Additionally, a new Board of Administrators was recently appointed at the ANPG, following the end of the previous board’s mandate. The new board is expected to double down on efforts to improve the operating environment for investors making Angola more competitive when compared to its peers globally. The ANPG’s primary focus will remain on accelerating exploration in Angola towards increased production. A defining objective is the success of the six-year licensing round and the consolidation of the country as a regional petroleum hub. The networking event in Houston will be key for achieving these goals and US investors are invited to take part in this strategic opportunity to connect with key stakeholders in Angola’s oil and gas sector.
Taking place from 17:00-20:00, the event also serves as a form of prelude for the country’s annual oil and gas event – the AOG 2024 conference – which is organized by Energy Capital and Power and will introduce US investors and project developers to upcoming opportunities in exploration and production.
