Angola’s hydrocarbon industry is on a positive growth trajectory with several large-scale projects coming online, a 2025 licensing round on the cards and FID for new developments anticipated in 2025 and beyond.
The upcoming Angola Oil & Gas (AOG) conference – taking place from October 2-3 – will showcase how the country has evolved from a nascent explorer to a major producer, highlighting strategic partnerships and programs aimed at boosting production, attracting investments and accelerating infrastructure rollout across the value chain.
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. To sponsor or participate as a delegate, please contact _sales@energycapitalpower.com_
New Projects Drive Industry Expansion
Angola is enhancing cooperation with global players, including IOCs such as Chevron, TotalEnergies, Azule Energy and ExxonMobil, to bring new projects online and maintain hydrocarbon production above 1.1 million barrels per day (bpd) through 2027. TotalEnergies is set to commission the Begonia Oil Project in Block 17/06 in late-2024, increasing existing oil output by 30,000 bpd, following an $850 million investment announced in July 2022. The company also plans to start production at the 30,000 bpd CLOV Phase 3 project in Block 17 in 2024.
Meanwhile, Azule Energy anticipates to begin production at the Agogo Integrated West Hub Development in 2026, adding 120,000 bpd to Angola’s output through the development of the Ndungu field. Energy major ExxonMobil has plans to invest $200 million to drill an offshore frontier exploration well in the Namibe Basin by the end of 2024. The company also made a discovery at the Likember-01 well in June 2024, marking the first as part of Angola’s incremental production initiative. These projects are expected to boost national oil output while opening up new petroleum plays in the onshore market.
Licensing Rounds Entice E&P Players
To support production growth, Angola is set to launch its 2025 Limited Public Tender next year, offering up to 10 offshore blocks in the Kwanza and Bengeula basins. In March 2024, the National Oil, Gas & Biofuels Agency (ANPG) announced winners for a 12-block oil and gas tender covering assets in the Lower Congo and Kwanza basins.
Angola’s first concession was awarded in 1910 in the Kwanza Basin, and since then, the country has promoted regular engagement with E&P firms through licensing rounds and direct negotiation. Currently, Angola has over 40 concessions in operation – including six under production, 27 under exploration, four under development and seven under negotiations. The 2025 licensing round aligns with national efforts to increase production through the development of new concessions.
Existing Infrastructure Supports New Concessions
Angola is expanding its oil and gas infrastructure to support increased production. New developments include the expansion of refining infrastructure and oil processing capabilities, with construction at the 200,000 bpd Lobito Refinery and 60,000 bpd Cabinda Refinery progressing. The first phase of the Cabinda Refinery, set to produce 30,000 bpd, is anticipated to be commissioned in November 2024 and begin production in February 2025. Meanwhile, Sonangol awarded engineering firm KBR a contract for project management at the Lobito Refinery in April 2024.
In addition to new projects, existing infrastructure in Angola includes the Kwanda Logistics Base, Sonils Port Base, the Paenal Fabrication Yard, Petromar’s Fabrication Yard, the Luanda Refinery, the Dande Oceanic Terminal and more.
Positive Investment Outlook Signals Growth Opportunities
Angola’s strong investment outlook reflects the growing global interest in the country’s oil and gas opportunities. According to the ANPG, over $60 billion in new investments will be made in the sector over the next five years. Several IOCs have already made sizeable commitments to developing oil and gas projects in the country.
In May 2024, TotalEnergies announced a $6 billion FID in the Kaminho development in Block 20/11 – featuring the Cameia and Golfinho blocks. Once commissioned by 2028, the project will add 70,000 bpd to Angola’s production. The company is also investing $850 million into a multi-energy strategy in the country, including the Begonia field project and solar initiatives. On the back of exploratory success in the Namibe Basin, ExxonMobil announced that it could invest as much as $15 billion into the development of the basin. As such, the country’s on- and offshore hydrocarbons markets are on the cusp of rapid expansion.
The AOG 2024 conference will showcase Angola’s efforts to grow its oil and gas sector, providing a platform for policymakers and stakeholders to engage with global partners. The event – taking place under the theme Driving Exploration and Development Towards Increased Production in Angola, represents a platform for deal-signings and partnerships. In 2024, the conference will host delegations from the UK, Germany, China, the UAE and many more, with companies seeking investment opportunities in one of Africa’s largest oil and gas markets. By bringing potential international partners to Angola, the event fosters collaboration and deals, in line with national production targets.