This momentum will form the basis of discussions at the upcoming Angola Oil & Gas (AOG) Conference and Exhibition - taking place September 9-10 with a pre-conference day on September 8. A panel discussion on Advancing Angola’s Deepwater Frontier Momentum will examine how operators are sustaining production in complex offshore environments while unlocking new reserves through frontier exploration, integrated developments and targeted reinvestment.

Frontier Exploration Takes on New Heights 

Recent offshore dealmaking highlights the scale of renewed interest in Angola’s frontier deepwater margins. Beyond Woodside Energy, several major players have either entered or expanded their presence in Angola’s offshore market. Shell returned to the market through a deal signed with the ANPG and Chevron at AOG 2025. The agreement covers Block 33/24 - situated in the ultra-deepwaters of the Lower Congo Basin.

The momentum continued into 2026, with Shell securing another deepwater farm-in agreement for Blocks 49 and 50, aimed at strengthening its offshore portfolio. The move reflects a wider industry trend in Angola, where operators are increasingly prioritizing deepwater acreage as part of long-term reserve replacement strategies. Brazilian state-controlled energy company Petrobras has also moved to deepen its engagement with Angola’s offshore sector. The company signed an agreement in 2025 to explore offshore acreage, reinforcing growing South Atlantic energy cooperation between Angola and Brazil.

Taken together, these agreements signal more than isolated transactions. They point to a structural re-rating of Angola’s deepwater potential by international operators. The country is increasingly being viewed as one of the few remaining frontier markets capable of delivering large-scale offshore discoveries alongside comparatively stable investment conditions.

Deepwater Projects Gain Pace

Beyond exploration, several large-scale deepwater projects are moving toward production. The Kaminho project - the first large deepwater development in the Kwanza Basin - is expected to reinforce long-term production capacity while introducing lower-emission deepwater infrastructure into the market. Developed by TotalEnergies, Sonangol and Petronas, the project is currently 50% complete, with production on track for a 2028 start.

Meanwhile, operational projects are supporting Angola’s production dynamics. The Begonia and CLOV Phase 3 developments are helping offset decline rates at mature assets, highlighting how operators are combining frontier exploration with brownfield optimization strategies. Both projects started operations in 2025, adding 60,000 bpd to the market.

The broader implication is that Angola’s production map is gradually being rebalanced. While mature blocks remain central to current output, new deepwater developments are increasingly shaping the country’s long-term production outlook. This transition is particularly important as Angola seeks to sustain output above one million barrels per day while competing for global upstream capital.

AOG 2026: Where Investment and Opportunities Converge

AOG 2026 arrives at a critical point in this cycle. The industry has largely re-established confidence in Angola’s offshore potential through agreements, studies and portfolio expansion. The next phase is execution. As operators position for deeper offshore activity, the conversation is shifting from whether Angola’s deepwater sector can attract interest to how quickly that interest can translate into drilling, discoveries and sustained production growth.