With plans to increase oil production to 1.18 million barrels per day (bpd) in 2024, Angola’s burgeoning hydrocarbons sector has created significant opportunities for global players.
Boasting nine billion barrels of oil and 11 trillion cubic feet of natural gas, Angola has only just started to unlock the full potential of its resources.
The country is primed to benefit from the capital and expertise of U.S. companies and investors, whose presence in the country has resulted in regular senior-level engagements and increasing cooperation on key shared objectives.
Reaffirming U.S. commitment towards energy development and economic prosperity in Angola, a networking event will be held in Houston on March 19 to showcase investment opportunities across the country’s rapidly expanding hydrocarbon industry.
Hosted by the nation’s premier event for the industry – Angola Oil & Gas (AOG) 2024 – in collaboration with the country’s national concessionaire and regulator the National Oil, Gas & Biofuels Agency (ANPG) and the Ministry of Mineral Resources, Petroleum and Gas, the event offers an in-road for U.S. companies interested in Angolan oil and gas opportunities.
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; the 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.
Chevron
With a market share of 26% in Angola’s oil industry and ranking among the country’s top petroleum producers, energy major Chevron operates through its subsidiary the Cabinda Gulf Oil Company.
Operating Blocks 0 and 14 and boasting a production level of 70,000 bpd, the subsidiary signed an MoU with Angola’s government in October 2023 to explore the potential of lower carbon business opportunities in the country.
Chevron has also been instrumental in the development of the Angola LNG project in Soyo, which shipped its 400th cargo of LNG in mid-2023.
Further strengthening Angola’s downstream sector, a topping facility with a production level of 16,000 bpd is managed by Chevron.
ExxonMobil
Multinational oil and gas corporation ExxonMobil holds interest in three deepwater blocks – Blocks 30, 44 and 45 – in Angola, covering approximately 8,000 km2.
In November 2023, it was announced that the oil major received permission from the Angolan government to extend the initial exploration for the blocks it operates in the Namibe basin for an additional year.
ExxonMobil announced its plans in March 2023 to invest as much as $15 billion into the development of the offshore basin by 2030, showcasing the success of commercial oil discoveries and the corporation’s commitment to long-term investments in the country.
Baker Hughes
Energy company Baker Hughes, along with other service companies, secured contracts worth $7.8 billion in February 2023 for the Agogo Integrated West Hub Development Project in Angola.
Baker Hughes was awarded the contract for the supply of the subsea production system and aftermarket services.
The project represents one of the largest upstream developments in the country and is a significant milestone for Baker Hughes in the energy infrastructure and technology sectors.
Oceaneering
Present in Angola since the 1980s, engineering services company Oceaneering provides remote operated vehicles, diving equipment, asset integrity services, vessel management, engineering and fabrication to Angola’s oil and gas operations.
Last September, the company was selected to support transportation and installation work on the Girassol Life Extension project, which will continue until late-2025.
SLB
With over 80 years of operating experience in Africa, global technology company SLB has demonstrated its commitment to Angola’s energy sector by supporting the country’s industry needs across all oil and gas cycles.
During last year’s AOG 2023 conference and exhibition, SLB signed a technical services agreement with oil and gas company Etu Energies to define the scope of work, payment terms and deadlines for their business partnership in Angola.
The agreement covers the development of Block 2/5 and will involve the development of engineering wells and end-to-end technological complimentary services.
Weatherford
With operation bases in Cabinda and Viana, energy services company Weatherford boasts nearly 500 employees in Angola.
The company was recently awarded a two-year contract for conventional tubular running services for Chevron’s offshore deepwater operations.
The success of these companies in the Angolan market demonstrates not only the viability of investment in Angola but the potential for high-returns.
By joining the AOG 2024 networking event in Houston, companies can connect with Angolan energy leaders, explore partnership opportunities, and position themselves at the forefront of Angola’s burgeoning oil and gas industry.
