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18 Apr 2024

Recent Oil Developments in Angola Fuel Production Growth

Recent Oil Developments in Angola Fuel Production Growth
Angola will maintain oil production at 1.1 million barrels per day (bpd) until 2027, with plans to increase output to 1.18 million bpd thereafter. To achieve this, the country is inviting investment in offshore exploration while promoting opportunities in onshore and marginal fields. In 2024 thus far, several developments have taken off across the market, all of which place Angola on track for production growth.

The country’s premier industry event – the Angola Oil & Gas (AOG) conference – will draw insight into recent developments and upcoming opportunities while connecting companies and investors to Angolan projects.

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 [email protected].

KBR Secures Lobito Refinery Contract

Engineering firm KBR won a project management contract in April 2024 for the construction of Angola’s Lobito Refinery. With a planned capacity of 200,000 bpd, the facility is the country’s largest and is poised to increase Angola’s total refining capacity by 200%. With the contract, KBR will be responsible for the engineering, procurement and construction phase of the project. The company previously spearheaded the FEED stage (2023) of the facility’s development.

China’s CNOOC to Discuss Block 24 Exploration

China’s state-owned oil company – the China National Offshore Oil Corporation – announced plans in March 2024 to send a team of executives to Angola to discuss opportunities in oil exploration. The corporation is looking at exploring Block 24 – situated in the southern Kwanza Basin. The announcement followed a visit by Angolan President João Lourenço to China during the same month, where he emphasized a commitment to strengthening cooperation between the two countries.

Testing Begins on the TO-14 Well

Angola’s national oil company Sonangol and project partner Corcel began testing at the Tobias-14 well (TO-14) in February 2024 – situated in Angola’s onshore Block KON-11. The partners expect the initial flow results in the coming weeks. Meanwhile, preparations are underway for the testing of the adjacent TO-13 well, set to commence following the completion of testing at TO-14.

Angola Oil & Gas 2024 Launches in Luanda

Angola’s premier event for the oil and gas industry – AOG 2024 – officially launched in February 2024 at a networking event in Luanda. The launch event featured companies from across the Angolan market as well as global investors and project developers, and was supported by the Ministry of Mineral Resources, Petroleum and Gas. With the main conference scheduled for October 2-3, 2024, in Luanda, the launch event kicked off discussions about Driving Exploration and Development Towards Increased Production in Angola – the theme of this year’s conference.

Angola Concludes 2023 Bid Round

Angola’s most recent bid round – a 12-block tender launched in 2023 – concluded in January 2024 with 53 bids submitted in total. Representing part of the country’s six-year licensing round – launched in 2019 – the round covers blocks in both onshore and deepwater acreage. Currently, negotiations are taking place for four onshore blocks in the Lower Congo and Kwanza basins and three deepwater blocks (24, 49 and 50). Negotiations are expected to be finalized in the coming weeks.

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