The African Energy Week (AEW): Invest in African Energy conference – slated for November 4-8 in Cape Town – will once again host an Invest in Angola Energies country spotlight session. Sponsored by the country’s regulator the National Oil, Gas & Biofuels Agency (ANPG) and its national oil company Sonangol as well as energy companies Azule Energy, Alfort Petroleum and ACREP, the session will outline strategic investment opportunities and available blocks ahead of the country’s 2025 licensing round.

Angola offers a wealth of block opportunities for upstream players, featuring proven petroleum plays in shallow and deepwater acreage as well as promising deposits in onshore basins. The country launched its first-ever marginal fields for exploration this year, offering five blocks across acreage with proven reserves and commercial potential. The marginal fields not only support production growth at active assets but offers market access to companies of various sizes and capacities. In tandem, Angola offers 11 blocks via its permanent offer program. The program enables investment outside of the confines of traditional licensing rounds, supporting investment through flexibility. These opportunities will be outlined during the AEW spotlight session, with Angola’s Minister of Mineral Resources, Petroleum and Gas Diamantino Pedro Azevedo set to open the session with a fireside chat.

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Following a successful 12-block tender which concluded in 2024, Angola is preparing to launch its next upstream licensing round in Q1, 2025. A 10-block bid round offering blocks for exploration in the Kwanza and Benguela Basins, the round forms part of the country’s multi-year licensing program – launched in 2019 – which aims to award up to 50 blocks throughout a six-year period. As of 2023, 27 blocks have been awarded. A senior representative from the ANPG will provide an update on Angola’s block opportunities, unpacking exploration prospects across the country’s onshore, offshore and marginal fields.

On the back of rising opportunity in Angola, a slate of upstream-focused oil and gas companies have either entered or are strengthening their presence across the market. Amidst its privatization – set to be complete by 2026 - Sonangol is gradually transforming into a competitive upstream operator. The company aims to boost national production by investing in projects in collaboration with upstream partners. Sonangol CEO Sebastião Gaspar Martins joins the country spotlight to shed light on projects and partnerships. Meanwhile, Afentra finalized the acquisition of non-operating interests in two offshore blocks this year from upstream company Azule Energy. With the transaction, Afentra increases its stake in Block 3/05 to 30% and in Block 3/05A to 21.33%. The company also qualified as a non-operator in Angola’s 2023 bid round, with a formal agreement already signed for the KON 19 license. Afentra COO Ian Cloke returns to AEW: Invest in African Energy to discuss the company’s exploration agenda in Angola.

As Angola’s largest private oil producer, Etu Energias aims to produce 50,000 barrels per day (bpd) by 2025. The company recently secured $60 million to support asset acquisition in Angola, enabling the acquisition of a 20% stake in Block 14 and a 10% stake in Block 14K. Edson R dos Santos, CEO of Etu Energias, will unpack the company’s acquisition goals during the AEW: Invest in African Energy 2024 spotlight session. Additionally, Gianni Gaspar-Martins, Managing Director of Alfort Petroleum, will join the discussion, detailing the role Angolan operators play in driving national output. Having qualified as an operator under Angola’s 2020 bid round, Alfort Petroleum is striving to boost production at KON 8, serving as the block’s operator.

Amid this exploration drive, numerous large-scale oil and gas projects are rapidly gaining momentum in Angola, with recent project milestones underscoring IOC commitment to bringing production online. Energy major ExxonMobil made an oil discovery at the Likember-01 well this year – the first as part of Angola’s broader incremental production initiative. The company could inject as much as $15 billion in exploration and production in the Namibe basin, following commercial drilling success. ExxonMobil’s Lead Country Manager and General Manager Katrina Fisher joins the AEW: Invest in African Energy 2024 conversation to discuss the company’s Angolan operations. Additionally, Azule Energy will provide a project update at the country spotlight, with CEO Adriano Mongini leading the discussion. Azule Energy aims to produce 250,000 bpd by 2026 and is accelerating gas monetization through projects such as Quiluma and Maboqueiro fields – Angola’s first non-associated gas project, set to come online in 2026. The country spotlight will also feature Mahesh Swaminathan, Senior Vice President - Global Business Vertical Head at McDermott International. The company secured a contract for the TotalEnergies-led Begonia field development in 2022.

“Angola is not only focused on bringing new projects online by promoting exploration but maximizing output at producing fields. Through its multi-year licensing strategy and proactive approach to marginal field development, the country sets a strong example for other oil and gas producers in Africa,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.