Amid efforts to diversify supply chains and strengthen energy security, European countries have turned to African oil and gas resources. The fossil fuel industry is expected to spend up to $1 trillion globally over the next decade to meet European demand, highlighting a strategic opportunity for major producers such as Angola.
Angola aims to produce two million barrels per day (bpd) of oil in the mid-term while increasing the share of natural gas in its energy mix to 25% by 2025. Stimulating foreign investment across the value chain will support the country to meet these objectives, creating strategic opportunities for European investors and project developers. As such, promoting European investment in Angolan oil and gas is a win-win opportunity, with the development of new projects expected to advance global energy security as well as Angolan production.
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; the African Energy Chamber; and national oil company Sonangol, 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.
European E&P companies have long-held an active presence in Angola, developing large-scale projects and supporting the growth of the industry. French energy major TotalEnergies, for example, has been active in Angola for 71 years. The company holds a 41% market share and accounts for just short of 45% of the country’s oil and gas production. In addition to interests in several deep- and ultra-deepwater licenses – including Block 17 and its four major hubs, Block 31 and Block 0, among others -, the company has stakes in the Angola LNG project and the New Gas Consortium, and initiated a multi-year energy strategy in 2022 which encompasses the $850 million Begonia field development.
TotalEnergies announced FID on the Cameia-Golfinho fields on May 20, with the intention of rapidly moving through the stages of development to production. The company is also developing the Quiluma and Maboqueiro gas fields – Angola’s first non-associated natural gas projects – which will provide feedstock for the Angola LNG project. The project will come online in 2026.
Additionally, British energy major bp and Italy’s Eni – now operating as joint venture Azule Energy – have been active in the country since the 1970s and 1980s, respectively. In 2022, the energy majors merged their Angolan operations with the creation of Azule Energy, thereby creating the largest independent equity producer of oil and gas in Angola. Azule Energy’s portfolio of assets includes 20 licenses – 11 of which as operator. The company also has stakes in the New Gas Consortium and the Angola LNG project.
Azule Energy sold a 12% stake in Block 3/05 and a 16% share in Block 3/05A in April 2024 to oil and gas company Afentra, thereby bringing new capital into the blocks. The company also signed Risk Service Contracts in December 2023 with Angola’s National Oil, Gas & Biofuels Agency and Norway’s Equinor for offshore Blocks 46, 47 and 18/15. Azule Energy plans to increase production to 250,000 bpd between the period 2023-2026.
Equinor has been operating in Angola since 1991, with the Angolan continental shelf representing one of the biggest contributors to the company’s production outside of Norway. Currently producing from three blocks in Angola, Equinor acquired stakes in two exploration blocks offshore Angola – Blocks 46 and 47 – in December 2023, underscoring a commitment to Angolan exploration.
On the back of a six-year licensing round launched in 2019 – Angola is inviting new investment in oil and gas exploration. While a 12-block tender concluded in January 2024, another international bid round is on the cards for 2025. At the same time, the country has over 14 blocks across the deepwater, shallow water and onshore markets available on permanent offer, creating strategic opportunities for European E&P players.
