Angola’s oil and gas industry could see investments of up to $60 billion over the next five years, according to Energy Capital & Power.
This potential influx arises as international oil companies, independent exploration and production (E&P) companies, and smaller firms capitalize on new opportunities in onshore, offshore, and marginal fields.
To support national goals of maintaining production above one million barrels per day (bpd), Angola’s upstream operators are expanding their portfolios through block acquisitions and reinvesting in existing block production to maximize reserves.
The Angola Oil & Gas Conference (AOG), scheduled for October 2nd and 3rd in Luanda, will serve as a platform for Angolan upstream operators to discuss their investments and project prospects in the country.
Speakers from major energy companies, including Chevron, ExxonMobil, and BP, will outline their large-scale ventures, while E&P companies such as Afentra and Etu Energias will provide insights into current and future exploration campaigns.
“The AOG is the largest oil and gas event in Angola, held with the full support of the Ministry of Mineral Resources, Oil and Gas; the National Agency of Petroleum, Gas and Biofuels; the African Energy Chamber; and the Regulatory Institute of Petroleum Derivatives.
The event facilitates the signing of agreements and promotes Angola’s oil and gas industry,” a statement noted.
Chevron is focused on developing existing blocks while exploring frontier basins in Angola’s deep waters. In June, the company signed two Risk Services Contracts (RSC) for Block 49 and Block 50, located in the Lower Congo Basin.
Chevron will conduct seismic surveys on both blocks to enhance its geological understanding of the area. The company also holds interests in offshore Blocks 0 and 14, as well as the Angola LNG plant.
Billy Lacobie, Chevron’s Managing Director for Southern Africa, is expected to provide updates on deepwater exploration and the company’s low-carbon strategies in Angola during AOG 2024.
