With plans to maintain oil production above one million barrels per day (BPD) while enhancing gas supplies to the Angola LNG plant, Angola is making strides toward growing its hydrocarbon market. A series of industry milestones achieved in 2024 have set the country up for an impactful year in 2025, underscoring its growth-focused approach to the oil and gas industry.
Angola Advances Multi-Year Licensing Round
Angola concluded its 2023 Bid Round in January 2024, securing 53 bids from companies. Throughout the year, several concessions have been awarded. By the end of 2024, the National Agency of Oil, Gas & Biofuels (ANPG) expects to award a further nine concessions, bringing the total number of awarded blocks to 41 since the launch of Angola’s multi-year licensing round in 2019. The country is also preparing to launch its next limited public tender in Q1 2025. Featured blocks include Block 22, Block 35, Block 37, Block 38 and Block 36 in the offshore Kwanza Basin, as well as Block 40, Block 25, Block 39 and Block 26 in the offshore Benguela Basin.
ExxonMobil Makes Discovery in Block 15
Representing the first of Angola’s Incremental Production Initiative, energy major ExxonMobil announced a new hydrocarbon discovery at the Likember-01 research well in Block 15 this year. Drilled between February and April 2024, the well is located in the Kizomba B development area and represents the company’s 19th discovery in Block 15.
Kaminho Deepwater Achieves FID
The Kaminho project – the first deepwater development in Angola’s Kwanza Basin – achieved a $6 billion Final Investment Decision by TotalEnergies in May 2024. Situated in Block 20/11, the project comprises the Cameia and Golfinho fields and will have a capacity to produce 70,000 BPD through the deployment of an all-electric FPSO. Production is on track for 2028.
Launch of Incremental Production Initiative
The Angolan government is expected to publish the decree for the Incremental Production Law in November 2024. Approved by the Council of Ministers of the ANPG in July 2024, the law offers new incentives to reinvest in producing assets in Angola. Aligned with national objectives to mitigate production decline in mature fields, the law grants license extensions and features favorable fiscal terms for reinvestments, thereby stimulating cost recovery regardless of well results.
First-Ever Marginal Fields Launch
To incentivize investment in producing assets, Angola opened its first-ever marginal fields for exploration in July 2024. Situated in operated blocks, the five marginal fields hold proven reserves with commercial potential. Featured blocks include Block 4 – comprising the Kiame, 4_24 and Kiabo prospects, among open areas; Block 14 – comprising the Malange, Lucapa and Gabela prospects; and Block 15 – comprising the Xikomba, Mbulumbumba, Tchihumba and Vicango prospects. Block 17/06’s Canna prospect and Block 18’s Chumbo prospects are also included.
Permanent Offer Program Offers Flexible Investments
Providing investors with greater flexibility, Angola offered a range of blocks through its permanent offer program in 2024. Up to 14 blocks are available through the program, including deepwater assets in the Lower Congo Basin, shallow water assets in the Kwanza Basin, as well as four shallow water assets and one deepwater asset in the Namibe and Benguela basins.
5th Angola Oil & Gas Unites Investors in Luanda
The 5th edition of the country’s premier industry event for the oil and gas industry – Angola Oil & Gas (AOG) – took place in Luanda from October 2-3, 2024. Under the theme Driving Exploration and Development Towards Increased Production in Angola, the event connected foreign investors and project developers with Angolan opportunities, serving as a catalyst for project advancement and deal signings.
New Terms Signed with DRC for Joint Block 14
Angola and the Democratic Republic of the Congo (DRC) signed revised terms for the development of the shared Block 14 at the AOG 2024 conference. Straddling the maritime border of the two countries, Block 14 is operated by energy major Chevron. The new conditions cover all activities for the common zone.
Gas Master Plan Published for Public Comment
Angola launched a public consultation for its draft National Gas Master Plan (NGMP) in October 2024, offering members of the public the chance to offer their comments, criticisms and suggestions for the new policy document. The NGMP represents a consolidated strategy for developing, utilizing and monetizing Angola’s gas resources, in line with the country’s broader National Development Plan (2023-2027).
Sanha Lean Gas Project to Kickstart in December 2024
The Chevron-operated Sanha Lean Gas Connection project is expected to start operations in December 2024. Tying into the existing Sanha condensate complex, the $300 million project will deliver gas to the Angola LNG plant.
