Angola is set to launch its next round of oil and gas concession licensing in 2025, inviting exploration and production companies from the United States, announced José Barroso, the Secretary of State for the portfolio, during an event in Houston on Tuesday.
The country concluded bidding for 12 blocks earlier this year as part of a six-year licensing round initiated in 2019 and is finalizing production sharing negotiations.
Speaking at a networking event organized by Angola Oil & Gas (AOG) 2024, Barroso emphasized the importance of promoting opportunities in Angola’s oil and gas sector to global investors, aiming to boost exploration and development for increased production.
While acknowledging the significance of the energy transition, Barroso emphasized the coexistence of hydrocarbons and renewables, emphasizing the importance of investing in the oil sector while prioritizing cleaner practices with the adoption of advanced technologies to reduce emissions.
Alcides Andrade, the executive administrator of the National Petroleum, Gas, and Biofuels Agency (ANPG), highlighted the success of previous bidding rounds and invited North American companies to invest in exploration to help Angola achieve its institutional goal of recovering the level of two million barrels per day in oil production.
With vast reserves of oil and natural gas, Angola offers numerous opportunities for global investors, particularly in offshore and onshore blocks.
Authorities aim to utilize gas for 25 percent of their energy needs by 2025, while also increasing oil production to 1.18 million barrels per day in 2024 and aiming for two million barrels per day in the long term.
