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Data and analytics company Wood Mackenzie has highlighted six strategic developments to watch in Angola for the period 2024-2026. Ian Thom, Wood Mackenzie’s Director of Research, outlined these developments during a workshop at the Angola Oil & Gas (AOG) pre-conference.
According to Thom, these developments include the Kaminho Deepwater Development, which has reached Final Investment Decision (FID) by TotalEnergies in 2024. The $6 billion project – which includes the Cameia and Golfinho fields – represents one of the largest global projects in 2024 and the first deepwater development in Angola’s Kwanza Basin.
The second development to watch is Azule Energy-operated Block 15/06, where Wood Mackenzie believes there is still significant potential for investment. Block 15/06 is a producing conventional oil field that includes the Agogo Integrated West Hub Development. First production from the Agogo project is expected in mid-2026.
According to Ian Thom, Angola’s next major gas development should also be taken into account. The country’s Gas Master Plan – currently under development, with a public consultation scheduled for 21 October 2024 – will support new gas projects, generating great anticipation about what will be next on the agenda.
Another area to watch is wildcat exploration wells, specifically frontier wells planned in underexplored basins like the Namibe. ExxonMobil and Sonangol plan to drill the Arcturus-1 well by the end of the year, which has the potential to make a breakthrough discovery.
With a bidding round expected in the first quarter of 2025, Wood Mackenzie believes that Angola’s upcoming deepwater projects represent another key development to watch. “Where Angola really stands out [as a producer] is in deepwater. The country is and remains a deepwater leader in Africa and ranks third globally,” it said. To maintain this position, the 2025 licensing round aims to attract active operators to expand their portfolios, as well as attract new entrants to the market. Expected M&A activity – the sixth area to watch – will further support this objective.
As the country prioritizes deepwater investments, Angola’s fiscal conditions are poised to play a greater role in ensuring the country can compete with emerging producers such as Namibia and Mozambique.
According to Ian Thom, “the combination of prospectivity and fiscal conditions will play an important role in attracting investment. Angola is in a strong position in this regard. The terms of the country’s marginal fields are also globally competitive and quite effective in attracting investment.”
The AOG 2024 pre-conference served as a prelude to the main event, which takes place on 2 and 3 October. With a series of workshops and presentations, the pre-conference programme offers a strategic overview of various segments of the oil and gas value chain in Angola.
