Angola will commence its next phase of oil and gas licensing in 2025, encouraging US-based exploration and production firms to invest in prospective block opportunities. As part of a six-year licensing round that began in 2019, the government completed a 12-block tender in January 2024 and is presently negotiating production sharing.
Secretary of State for Oil&Gas, H.E. José Alexandre Barroso, highlighted the importance of promoting opportunities in Angola’s oil and gas sector at a Houston networking event, stating that he believes hydrocarbons and renewables can work together and seeks investment in cleaner industries.
The National Oil, Gas, and Biofuels Agency (ANPG), the country’s national concessionaire and regulator, described the success of past bid rounds, urging US businesses to participate in exploration to support Angola’s two million barrel-per-day (bpd) production target.
“One of the things we have been very good at is our agility and focus on acting at the right time, finding solutions whether it is legal, contractual or fiscal, to ensure that there is stability but also improving upon the lessons learned that we see happening around the world,” said Alcides Fernandes Mendes de Andrade, Executive Administrator at the ANPG.
“We do have a wide range of opportunities. Fourteen blocks offshore – eight in shallow water and six in deep water – most are high potential blocks in proven basins. [There are] eight onshore blocks in the Congo and Kwanza basins … we are now going back to these blocks and they also have high prospectivity.”
Angola offers multiple opportunities for foreign investors. The government plans to use gas for 25% of its energy needs by 2025, while boosting oil output to 1.18 million bpd in 2024 and 2 million bpd in the long run.
Source: Energy Ghana