Africa: Angola Oil & Gas (AOG) 2024 to Host Exclusive ‘Fireside Chat’ with Minister Diamantino Azevedo

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LUANDA, Angola, August 30, 2024/ — Angola serves as sub-Saharan Africa’s second largest oil producing country, boasting an estimated 9 billion barrels of proven crude oil reserves and 11 trillion cubic feet of natural gas. As such, the country anticipates an investment pipeline of up to $60 billion over the next five years, largely directed towards exploration and production. An Angola Oil & Gas (AOG) fireside chat will offer exclusive insights into the country’s strategic vision, investment opportunities and future prospects in the oil and gas sector.

The fireside chat will feature an exclusive one-on-one discussion with Angola’s Minister of Mineral Resources, Oil and Gas Diamantino Pedro Azevedo, who will participate at this year’s AOG 2024 conference – taking place in Luanda from October 2-3 – as a keynote speaker. At AOG 2024 – the country’s premier event for the oil and gas industry – Minister Azevedo is poised to position Angola as an attractive investment destination while setting the stage for robust and engaging discussions for industry leaders and stakeholders.

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; the National Oil, Gas and Biofuels Agency; the Petroleum Derivatives Regulatory Institute; national oil company Sonangol; and the African Energy Chamber; 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 sales@energycapitalpower.com.

Angola’s strategic vision for the oil and gas industry is to maintain production above one million barrels per day, with exploration and block development set to drive national output. To support investment, Angola will launch a limited tender in Q1 2025. The tender will put on offer 10 blocks for exploration, including Blocks 40, 25, 39 and 26 in the Benguela Basin as well as Blocks 22, 35, 37, 38 and 36 in the Kwanza Bain. Additionally, the country has four onshore blocks available; 11 blocks on permanent offer; and five marginal fields ready for exploration. In preparation for the 2025 licensing round, Norwegian seismic company PGS released its Angola Central Basin Time screening dataset last year, which offers the opportunity for companies to evaluate open acreage for proven pre- and post-salt plays in the deepwater Kwanza Basin. As Angola’s upstream market continues to attract investment on the back of historic drilling success and fresh seismic data, the AOG 2024 fireside chat will unpack emerging block opportunities with a view to accelerating exploration.

Beyond exploration, projects such as the Begonia conventional oil development in Block 17/06 are expected to start operations in late-2024 while the Agogo integrated West Hub Development in Block 15/06 is set to come online in late-2025. With production for the country’s first non-associated gas project the New Gas Consortium’s Quiluma and Maboqueiro fields set for 2026, Angola is well positioned to sustain production while driving long-term economic growth.

Downstream, Angola’s national oil company Sonangol and the Ministry of Mineral Resources, Oil and Gas have sought to increase Angola’s refining capacity through the construction of three new facilities. The Lobito Refinery will have the capacity to produce 200,000 bpd and is scheduled to commence refining in 2025 while the 60,000-bpd Cabinda Refinery and 100,000-bpd Soyo Refinery are also set to supply products to the domestic market.

The AOG 2024 fireside chat will offer a comprehensive overview of the latest developments in Angola’s oil and gas sector, showcasing the country as an attractive investment destination. The session will offer international service companies and investors the opportunity to connect with local players across the entire oil and gas value chain while exploring strategies to support market access and financing for the sector’s latest projects.

For more information about the AOG 2024 program, visit https://apo-opa.co/3Tbt3SF.

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