Angola anticipates more than $60 billion in investment over the next five years, with the country’s next licensing round – scheduled for 2025 – providing companies with direct access to block opportunities. Angola aims to increase production to 2 million barrels per day (bpd) in the long-term and is inviting exploration and production companies to invest in available acreage.  

Angola’s offshore assets are particularly attractive given the success of the country’s large-scale developments and wealth of undeveloped blocks. To date, 75% of the country’s oil production is derived from offshore projects and a new slate of projects is set to come online in the coming months, further underscoring the potential of the market. The country’s premier industry event – the Angola Oil & Gas (AOG) conference – will connect potential upstream players to Angola’s offshore blocks, with panel discussions and technical presentations providing insight into existing 2D and 3D seismic data.

Capitalizing on Angola’s Available Acreage

Angola will launch its 2025 licensing round in Q1 next year, offering up to 10 blocks in the Kwanza and Benguela basins. Part of a six-year licensing round opened in 2019, the tender encompasses a mix of shallow and deepwater acreage. All of the blocks, according to surveying services company PGS, are covered by offshore 2D datasets, which can be used for regional geological evaluation and block screening.

In addition to the 2025 tender, Angola’s National Agency for Oil, Gas & Biofuels has a permanent offer program in place, enabling new contracts to be awarded without a bid round. In the Kwanza Basin, available shallow water blocks include Block 6/15, where nine wells have been drilled and a commercial discovery has been made; Block 7/21, where nine wells have also been drilled; and Block 9/21, where 12 wells have been drilled. The resources in these blocks are measured at 1.04 billion barrels, 4.05 billion barrels and 1.57 billion barrels, respectively. 

In the Lower Congo Basin, deepwater blocks include Block 32/21, where 19 wells have been drilled, and Block 33/21, where six wells have been drilled. Reserves in these blocks are estimated at 7.72 billion barrels and 1.68 billion barrels, respectively. Meanwhile, in the Benguela and Namibe Basin, three deepwater blocks are available – Block 41, Block 42 and Block 43 – and four shallow water blocks are available – Block 10, Block 11, Block 12 and Block 13. Across all these blocks, 2D seismic data is available, supporting new exploration campaigns.

Offshore: A Competitive and Proven Market

Angola’s attractive fiscal terms and regular block promotion have paved the way for a slate of large-scale projects in the offshore market. Major producing projects include TotalEnergies’ Kaombo ultra-deepwater project in Block 32; Eni’s Ndungu field in Block 15/06; bp’s Greater Plutonio Development Fields in Block 18; TotalEnergies’ CLOV field development area in Block 17, and many more.

Going forward, several projects are preparing to come online, all of which aim to bolster domestic oil output. Last month, TotalEnergies reached FID on the Cameia and Golfinho fields, thereby kickstarting the Kaminho development – a deepwater project comprising an FPSO with a capacity of 70,000 bpd. The project will start production in 2028. Additionally, the survey and installation of the first modules for the FPSO for Eni’s Agogo Integrated West Hub Development – a deepwater project in Block 15/06 – has been completed, while FPSO developer Yinson Production closed a $1.3-billion limited recourse term loan facility for the vessel. The FPSO will start production in late-2025. TotalEnergies also expects first production from the Begonia field – located in the Lower Congo Basin in Block 17/06 – later this year, with FID secured in 2022. The $850-million project is one of several field developments in the pipeline, laying the foundation for broader production growth in Angola. 

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