The Time to Invest in Angola is Now, Says Minister Azevedo at African Energy Week (AEW) 2024

Angola is a strong destination for oil and gas exploration, said Angola’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Pedro Azevedo. Recent regulatory reforms have positioned the country as a highly competitive market for foreign investment. With a 2025 licensing round expected to open in Q1 next year, the country offers a wealth of opportunity for upstream firms.

Speaking during a pre-conference Fireside Chat at the African Energy Week (AEW) 2024: Invest in African Energies, Minister Azevedo outlined the country’s pro-investment approach to oil and gas development. With a multi-year licensing strategy offering regular access to block opportunities, a permanent offer program and a newly-launched marginal field opportunities, there has never been a better time to invest in Angolan oil and gas.

“There are a lot of promising blocks in Angola. We are waiting for the start of Agogo [project], and the New Gas Consortium will start the production of non-associated gas soon. We have a strong exploration strategy with a target to award 55 blocks by 2025. Already, we have awarded 32 blocks. This is due to changes in legislation. We have a gas monetization law, marginal law and a new incremental law,” Minister Azevedo said.

In addition to the licensing strategy, Angola’s permanent offer program offers companies the chance to invest in blocks outside of the confines of a traditional licensing round. Over 14 blocks are available in the program. In 2024, Angola also launched its first-ever marginal fields for exploration. Five blocks are available, all of which are strategically located within producing or proven plays.

“All these incentives encourage companies to invest in Angola. We encourage companies to believe in Angola,” Minister Azevedo added.

Beyond oil, Angola has a strong natural gas strategy centered on stimulating downstream expansion and resource monetization. According to Minister Azevedo, Angola “has plans to expand LNG capacity. With the new gas law, we have given companies the opportunity to monetize gas and we expect to see new developments. We will start production of non-associated gas soon but we still have blocks with prospectivity for non-associated gas.”

Distributed by APO Group on behalf of African Energy Chamber.