With Angola – Africa’s biggest producer of crude oil – seeking to maximize hydrocarbon industry expansion for energy security and economic growth, the country’s market and demand for floating production, storage and offloading (FPSO) systems is set for witness an exponential increase.
As such, the 2022 edition of the Angola Oil & Gas (AOG) conference and exhibition – Angola’s official meeting place for oil and gas companies, policymakers and investors which will take place from November 29 – December 01 in Luanda – will host high-level panel discussions, exhibitions and technical workshops providing insights around the country’s FPSO market trends including sector challenges and opportunities.
Large-scale FPSOs including Girassol in Block 17 and Gimboa in Block 4/05 currently in operation across the southern African country have played a crucial role in expanding oil and gas reserves, production and monetization. However, the majority of them of are “now looking at an irreversible decline,” according to the African Energy Chamber’s (AEC) latest report, ‘The State of African Energy: 2023 Outlook.’
With oil production from Angola’s operational FPSOs falling to below one million barrels of crude oil per day post-2023, according to the AEC report, the development and exploitation of new oil and gas projects and discoveries, such as TotalEnergies’ Cameia–Golfinho, CLOV 3 and Chissonga projects; bp’s Palas, Astrea and Juno (PAJ); Eni’s Agogo, Ndungu FFD and Quiluma/Maboqueiro; and Chevron’s Sanha Lean Gas, will be instrumental in increasing the demand and penetration of new FPSOs as well as improving in production across the hydrocarbon heavyweight.
bp, for instance, has in July 2022, signed an agreement with Malaysian firm, Yinson, for the reservation of the Nganhurra FPSO vessel for use in the development of the PAJ Oil Fields in Block 31.
In addition, with both private and public institutions such as the ANPG, Somoil and Sonangol implementing a series of mechanisms, including the launch of new licensing rounds, aimed at boosting exploration and production in both new blocks and marginal fields, the market for FPSO deployment in Angola is set to grow significantly in the coming years.
Moreover, as a member of the Organization of the Petroleum Exporting Countries, Angola is targeting to maximize the development and monetization of its 11 trillion cubic feet of proven natural gas reserves through the development of liquefied natural gas (LNG) facilities – thereby accelerating the development of offshore LNG facilities such as the $120 billion Angola LNG project – in a bid to take advantage of the ample gas export opportunities across the globe. As such, FPSO deployment across the country is set to expand.
In this regard, AOG 2022, as the place where Angola’s oil and gas matters are discussed, serves as the best platform to discuss the market’s FPSO needs and to unite local and international FPSO providers, operators and users to discuss the future of Angola’s energy sector. With its innovative networking features, AOG 2022 represents the ideal platform where deals can be negotiated and signed.
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