The recent oil discovery at the Likembe-01 well in Angola’s Block 15 by energy supermajor ExxonMobil represents the first well drilled as part of the country’s incremental production initiative. The discovery was made in May in water depths of 1,200m within the Kizomba B development area, which was drilled between February and April 2024. Carried out in partnership with international energy companies Azule Energy and Equinor as well as Angola’s state-owned Sonangol, the Likembe-01 find is the first oil find after the 40,000 bpd Bavuca South-1 oil discovery in 2022.

Boasting 17 previous discoveries and approximately four billion barrels of recoverable resources, the ExxonMobil-operated Block 15 is one of Angola’s largest oil-producing blocks and has seen significant efforts by the government to redevelop and boost production. As such, the incremental production law is expected to support and incentivize near-field exploration in Angola with the intention of increasing output at producing fields across the country.

The incremental production decree is also expected to benefit Angola’s offshore Block 17, where a letter of agreement – signed in March – between the ANPG and energy major TotalEnergies is poised to result in an investment of roughly $7 billion. The investment is set to extend the life of the Dalia FPSO platform, which could see accumulated production of 500 million barrels of oil by 2045, representing an increase of an expected 490 million from 2030.

The law is among a slew of recent regulatory changes aimed at overhauling the oil and gas industry in Angola, which serves as a linchpin of economic growth for the country. Angola’s oil industry has seen aggressive reforms since 2017, with the introduction of a six-year licensing round in 2019 and the decision to leave the intergovernmental organization OPEC in December 2023 to protect its domestic production targets.

Aligning with Angola’s strategy to increase oil production to two million bpd in the long-term, this year’s Angola Oil & Gas (AOG) 2024 conference and exhibition is set to address the most critical opportunities and challenges within Angola’s oil and gas industry. This year, the conference will feature a multi-track program, including presentations by industry experts on how technology can enhance incremental production in Angola, driving infrastructure-led exploration, maintaining well integrity and more. Taking place in Luanda from October 2-3, AOG 2024 is the country’s premier deal signing platform, attracting companies from across the regional and global oil and gas value chain while fostering strategic partnerships and driving investments in the sector.

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; Sonangol, the ANPG; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is the platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact [email protected].