Angola’s robust history in oil production, dating back to its first commercial discovery in 1955, has played a pivotal role in its economic development, with the sector contributing 75% of the government’s revenue.
As one of the continent’s leading producers, Angola is poised to maintain production at 1.1 million barrels per day (bpd) beyond 2027.
Building on this foundation, Angola is actively attracting new investments to sustain oil production and expedite the development of new projects.
The upcoming Angola Oil & Gas (AOG) conference, scheduled for October 2-4, aims to showcase production milestones and connect projects with potential financiers.
A History of Success Attracts New Players
Angola’s ongoing success in upstream activities continues to draw new entrants to the market, bolstered by the country’s six-year licensing round initiated in 2019.
The recent announcement of production sharing agreements with winners of the 2023 bid round underscores the significant interest in Angolan exploration.
With 55 blocks available for exploration through 2025, Angola remains committed to driving exploration efforts.
IOC Commitments Drive Long-Term Investments
Angola’s upstream success is largely attributed to collaborations between Sonangol and international oil companies (IOCs).
Major players like TotalEnergies, Chevron, and ExxonMobil are heavily invested in Angola’s oil sector, with TotalEnergies celebrating a century of operations and pursuing multi-year projects. Similarly, ExxonMobil’s substantial investment in the Namibe basin highlights its commitment to Angola’s oil industry.
Furthermore, companies like Azule Energy are making significant contributions, holding exploration and production rights across numerous blocks.
In the oilfield services sector, companies like Petromar continue to provide essential services for oil projects, leveraging their expertise and experience.
As Angola ramps up exploration and development activities, its rich oil production heritage remains a cornerstone for partnerships with global players, attracting foreign investment and driving economic growth.
The theme of AOG 2024, “Driving Exploration and Development Towards Increased Production in Angola,” reflects the country’s commitment to fostering growth in its oil and gas sector and connecting investors with promising opportunities.
