Angola’s Minister Azevedo to Deliver Keynote at African Energy Week (AEW) 2024 Ahead of 2025 Licensing Round

Angola’s Minister of Mineral Resources, Oil and Gas Diamantino Azevedo will deliver a keynote address at the African Energy Week (AEW): Invest in African Energy 2024 conference – taking place in Cape Town from November 4-8. During the event, Minister Azevedo is expected to outline strategic investment opportunities in Angola as the country prepares to launch its 2025 licensing round – offering ten blocks in the Kwanza and Benguela basins.

To support production growth, Angola has introduced a fresh slate of blocks spanning marginal fields, onshore and offshore opportunities. In a first for the country, five marginal fields are on offer in Block 4, Block 14, Block 15 and Block 18 – all of which are operational. Additionally, 24 other block opportunities are available, including nine offshore blocks as part of the 2025 limited tender and four onshore blocks in the Kwanza basin. Up to 11 blocks are available as part of the country’s permanent offer program, including deepwater assets in the offshore Lower Congo basin, shallow water acreage in the Kwanza basin and one deepwater block in the Namibe and Benguela offshore basins.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

In its recent licensing round which concluded in January 2024, Angola offered 12 blocks in the Lower Congo and Kwanza Basin, receiving 53 bids. This initiative is expected to attract significant foreign investment and spur technological advancements in the sector. This month, Angola awarded new concessions for Block CON 8 – located in the Lower Congo Basin – to oil and gas companies Etu Energias, Effimax Energy and Grupo Simples Oil. These efforts signal a move to revitalize the nations onshore potential.

Angola’s recently launched block opportunities follow a string of milestones achieved in the country in recent months. In May 2024, energy major TotalEnergies and its partners on Block 20/11 announced a final investment decision (FID) for the Cameia and Golfinho fields. The announcement signals the start of development of the $6 billion Kaminho deepwater project – the first large-scale deepwater development in the Kwanza Basin. This project is set to significantly boost Angola’s oil production and enhance its standing as a leading oil producer in Africa. The French major also made FID in 2022 for the development of the Begonia oil field and is set to commission the Block 17/06 project in late 2024. Set to produce 30,000 barrels per day (bpd) once operational, the project will utilize advanced subsea technology and contribute significantly to Angola’s oil output.

The government has also given the greenlight for international oil companies to ramp up exploration efforts in Angola, leading to significant discoveries. Energy major ExxonMobil, international energy companies Azule Energy and Equinor and national oil company Sonangol recently discovered oil in the Likembe-01 exploration well in Block 15, marking the first well to be drilled as part of the Angolan government’s Incremental Production Program. The Incremental Production initiative is set to offer new incentives to increase production at active blocks in the country as well as license extensions and favorable fiscal terms to investors.

Meanwhile, the government is expanding its oil and gas infrastructure to accommodate growing production and support regional demand. New initiatives include the increase of refining infrastructure and oil processing capacity, with the construction of the 200,000 bpd Lobito Refinery and the 60,000 bpd Cabinda Refinery underway. The first phase of the Cabinda Refinery will generate 30,000 bpd and is expected to be commissioned in November 2024.  

“Angola’s oil and gas sector stands at a pivotal juncture, demonstrating resilience and potential for growth. Despite being a mature market, efforts to revitalize exploration through competitive tenders, strategic marginal opportunities and regular engagement with IOCs are set to drive production growth. The country’s approach to attracting investment is one that should be replicated continent wide,” states NJ Ayuk Executive Chairman of the African Energy Chamber.

Minister Azevedo’s participation at AEW: Invest in African Energy is set to showcase Angola’s enabling environment, favorable investment policies and strong returns in the oil and gas sector. During the event, Minister Azevedo will affirm the Ministry’s vision for the sector, focused on expanding oil and gas production, enhancing local content and establishing diversified downstream industries.

AEW: Invest in African Energy will also feature an Invest in Angola Energies roundtable. During the roundtable, industry experts, government authorities and relevant stakeholders will gather to discuss strategies for maximizing exploration, investing in new technologies and exploring new frontiers in Angola’s promising oil and gas industry.

Distributed by APO Group on behalf of African Energy Chamber.