Wood Mackenzie to Outline Angolan Investment Trends During Angola Oil & Gas (AOG) 2024

In a bid to sustain crude output above 1 million barrels per day beyond 2027, Angola has introduced a series of upstream measures to enhance fiscal terms, attract investment, and accelerate infrastructure development. The move is set to significantly strengthen the country’s upstream market and cement its position as a key player in the global oil industry.

Global data and analytics provider Wood Mackenzie will lead a workshop during the Angola Oil&Gas (AOG) 2024 pre-conference – taking place ahead of the main event on October 1. The workshop will explore Sustaining Angola’s Upstream Investment and Fiscal Attractiveness and will offer insight into financial and regulatory reforms. Led by Wood Mackenzie’s Research Director Dr. Ian Thom, the session will explore investment trends in Angola, therefore laying the foundation for discussion and deals during the main conference. 

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; national oil company Sonangol; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, 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.

Over the years, Angola has taken a two-pronged approach to attracting investment in upstream oil and gas. On the one hand, the country has prioritized offering regular access to block opportunities so that companies can invest in strategic assets more easily. On the other hand, fiscal reform and review ensures operators have access to competitive terms while the establishment of the National Oil, Gas&Biofuels Agency (ANPG) in 2019 streamlined industry processes and enhanced overall transparency. These measures have incentivized investment in Angola and the country now expects a $60 billion investment pipeline over the next five years.

The launch of a six-year licensing round in 2019 by the ANPG showcased a forward-thinking approach to IOC engagement, and as a result, over 27 blocks were awarded between 2019 and 2023. A 12-block tender – concluding in January 2024 – secured 53 bids, highlighting the level of interest in Angolan assets. Angola’s next licensing round will offer ten blocks in the Kwanza and Benguela basins and will launch in Q1, 2025.

In addition to tenders, the country’s permanent offer program grants access without the need for a traditional licensing structure. Currently, 11 blocks are available on permanent offer, including three in the Lower Congo basin; three in the Kwanza basin; and five in the Namibe and Benguela basins. The country has also opened its first-ever marginal fields for exploration, featuring five blocks.

As Angola strives to mitigate declines in mature oilfields, the Wood Mackenzie workshop during the AOG 2024 pre-conference program will delve into the implications fiscal reform can play in attracting investment in oil and gas projects. The session will address the attractiveness of the Angolan market, covering strategic topics such as upstream fiscal evaluation and benchmarking as well as investment trends and outlook. By examining existing major projects, the session will dive into strategies for enhancing fiscal competitiveness for future developments.

The session will be of benefit to senior level decision-makers within government; regulators; oil and gas companies; as well as financial institutions. Participants will learn about the upstream investment trends – both in Angola and across Africa – and how the country can maintain its attractiveness for foreign capital and IOC participation. Moreover, insight into how the industry can work together towards sustaining oil production will be provided, in line with the AOG 2024 theme of Driving Exploration and Development Towards Increased Production in Angola.  

Don’t miss this opportunity to gain strategic insights from industry expert Dr Thom. To register for the workshop and the AOG conference, visit https://apo-opa.co/3LNM2yF or contact us at sales@energycapitalpower.com. Access the pre-conference technical program here http://apo-opa.co/3LM5qMs.

Distributed by APO Group on behalf of Energy Capital&Power.