The Angola-Brazil Chamber of Commerce has partnered with the Angola Oil & Gas (AOG) 2024 conference, slated for October 2-4 in Luanda. This strategic alliance aims to foster investment from Brazilian companies in Angola’s oil and gas sector, enhancing bilateral ties between the two nations.
The Angola-Brazil Chamber of Commerce is dedicated to fostering economic and commercial relations between Angola and Brazil, with a focus on promoting trade and investment in key sectors such as energy, agriculture, and infrastructure. The partnership with the AOG 2024 event underscores the Chamber’s commitment to supporting the growth and development of Angola’s oil and gas sector.
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; national oil company Sonangol; the National Oil, Gas and Biofuels Agency; 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. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.
In recent years, Angola-Brazil trade has been advancing, showing a 33.7% increase from 2021 levels of $15.9 billion to 2022 levels of $21.5 billion alone. Additionally, over the past 27 years, Angolan exports to Brazil have increased at a rate of 12% per annum, reaching $799 million in 2022. Of this, crude oil represented the largest export at $539 million, followed by refined petroleum at $238 million. With Angola planning to increase oil production to 1.18 million barrels per day, a strategic opportunity has emerged for Brazilian companies to invest in new exploration ventures.
As Latin America’s top oil producer, Brazil has a history of expertise in the oil and gas industry. The country’s offshore geological formations bear similarities to that of Angola, highlighting prospects for collaboration in offshore exploration. Like Angola, Brazil possesses high quantities of oil in ultra-deepwater basins and is implementing various licensing rounds to attract new investment in oil and gas. Angola recently concluded a 12-block tender as part of its six-year licensing round – launched in 2019. The round featured 53 bids. Meanwhile, Brazil’s latest licensing round – held in December 2023 – featured 193 blocks, including 192 under concession and one under production sharing agreement.
These similarities create new avenues for cooperation between the countries. For Angola, Brazilian companies offer the capital, technology and expertise needed to explore and develop offshore finds. While for Brazil, Angolan expertise in oil and gas infrastructure stands to play a large part in strengthening the country’s industry. The partnership between the Angola-Brazil Chamber of Commerce and AOG 2024 will further support bilateral engagement, with the chamber facilitating deals between Angolan and Brazilian companies.
Meanwhile, cooperation transcends into other segments of the economy. Angolan President Joao Lourenço and Brazilian counterpart Luiz Inácio Lula da Silva signed seven memoranda of understanding in 2023 aimed at strengthening cooperation in the fields of tourism, agriculture and health. The agreements serve as a launchpad for capacity building and commerce. In the transport sector, Angola’s national airline carrier TAAG has increased the number of weekly flights between Luanda and São Paulo from four to six, thereby supporting business travel and tourism.
The AOG 2024 conference takes place under the theme Driving Exploration and Development Towards Increased Production in Angola. For more information, visit www.angolaoilandgas.com and secure your place at this exciting event!
