In September this year, Angola's National Oil, Gas&Biofuels Agency (ANPG) and national oil company Sonangol initiated a 45-day geological data acquisition campaign (https://apo-opa.co/4e13vjI) in the onshore Kwanza Basin. This effort aims to delineate the basin's hydrocarbon potential, which remains largely unexplored. The resulting data will provide valuable insights, supporting future investment decisions by exploration and production (E&P) companies in the region.
Despite being a largely-established oil and gas market, Angola offers frontier opportunities for investors and project developers, especially across its onshore acreage. This makes the country a strategic investment opportunity, highlighting the potential for play-opening discoveries and long-term project developments. A panel discussion – titled Frontier Exploration: Charting New Paths for Investment - during the Angola Oil&Gas (AOG) conference (https://apo-opa.co/3XHmfPy) – taking place October 2-3 in Luanda – will map out this potential. Speakers from some of the country’s biggest operators and data management companies will share insight into Angola’s frontier exploration and how the country offers new paths for investment.
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, Gas and Biofuels Agency; the Petroleum Derivatives Regulatory Institute; national oil company Sonangol; and the African Energy Chamber; the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.
While up to 75% of the country’s oil production is derived offshore, Angola’s shallow and deepwater acreage contain untapped basins that stand out as frontier investment opportunities. The Namibe basin (https://apo-opa.co/4dhLXPb), for example, is one of the largest remaining prospective frontier areas for oil and gas exploration in the country. Supported by over 12,000 km² of multiclient 3D surveys and basin-modeling work, the Namibe Basin has emerged as an attractive investment opportunity. In 2023, the ANPG signed an addendum to Blocks 30, 44 and 45 in the basin to make exploration more competitive. With improved fiscal terms, energy major ExxonMobil kickstarted a $200 million exploration program in the basin, which could lead to up to $15 billion (https://apo-opa.co/3XkGPnh) invested by the company following positive drilling results.
Onshore, the country is seeing an exploration revival with energy company Corcel announcing in 2023 that the TO-14 well in Block KON-11 revealed positive indications of hydrocarbons. While Angola’s initial oil production was achieved onshore, decades of inactivity have underscored the potential that onshore acreage (https://apo-opa.co/4dYTW4v) could still yet hold. To entice investment onshore, the ANPG concluded its most recent licensing round in January 2024, with 12 onshore blocks on offer in the Lower Congo and Kwanza Basins. Up to 53 bids secured highlights the level of interest in Angola’s frontier onshore market.
Stepping into this picture, the AOG 2024 panel discussion will unpack Angola’s frontier oil and gas potential, offering attendees crucial insight into strategic blocks and investment terms. Speakers from the ANPG and ExxonMobil will be joined by speakers from energy major TotalEnergies, independent energy company ReconAfrica and geoscience and technology firm Shearwater. The discussion serves as a pivotal starting point for deal-signing.
For more information about the AOG 2024 program, visit https://apo-opa.co/4ghrWL9
Distributed by APO Group on behalf of Energy Capital&Power.