The African Energy Chamber (AEC) is drawing attention to the promising prospects within Angola’s oil and gas sector. The Chamber emphasizes that oil and gas are central to Angola’s economy, which has undergone “aggressive reform” since 2017. Notably, since 2019, Angola has initiated multiyear licensing rounds for offshore oil and gas exploration and production blocks, inviting foreign companies to participate. This initiative has resulted in the awarding of over 27 blocks to date. The latest round attracted 53 bids for 12 blocks in the Lower Congo and Kwanza basins.

The AEC is actively encouraging multinational exploration, production, and technology companies to invest in Angola. The Chamber highlights Angola’s plan to maintain oil production at 1.1 million barrels per day (bpd) until 2027, after which it aims to increase production to over 2 million bpd to spur economic growth. “For decades, Angola’s oil and gas industry has delivered high returns for investors, with economic stability, proven petroleum plays, and strong local partners underpinning the success of multimillion-dollar investments,” stated the AEC. “While recognized as a mature oil market, Angola continues to offer frontier opportunities for explorers.”

Angola presents new opportunities, especially in deepwater fields such as the Cameia and Golfinho fields in Block 20/11, part of the $6-billion Kaminho deepwater project being developed by TotalEnergies, with production slated to start in 2028. Additionally, there are new opportunities in established production blocks, where exploration drilling has led to new hydrocarbon discoveries, such as ExxonMobil’s Likember-01 well in offshore Block 15.

Significant infrastructure projects are also underway, both offshore and onshore. These include the Soyo II combined cycle power plant (with construction planned to start this year), a $5-billion pipeline project to facilitate hydrocarbon exports to Zambia, the Petromar Fabrication Yard in Soyo, the Paenal Fabrication Yard in Kwanza Sul, and the Barra do Dande ocean terminal. Moreover, three new oil refineries are being developed in Cabinda, Lobito, and Soyo, while the Luanda oil refinery is undergoing upgrades. These projects aim to increase Angola’s refining capacity to over 400,000 bpd.

There are also opportunities for investors to provide management and technical services. For instance, last year, the engineering group KBR was contracted to provide management services for the 200,000 bpd capacity Lobito refinery.

The AEC is organizing the Angola Oil & Gas 2024 conference, which will be held in Luanda in early October.