The National Oil, Gas & Biofuels Agency (ANPG) of Angola has announced plans to award 15 new concessions by the end of 2024, which will bring the total number of awarded blocks since 2019 to 47.
Speaking during the Angola Oil & Gas (AOG) 2024 pre-conference, ANPG’s Director of Negotiations, Hélder Iombo, emphasized the success of Angola’s recent licensing initiatives. Currently, there are 30 block opportunities available, and the 2023 tender concluded in January 2024 with 53 bids from various companies.
Angola plans to launch its next bid round in Q1 2025, aiming to license over 50 blocks by the end of its six-year licensing round. With a projected investment pipeline exceeding $60 billion in the upstream sector over the next five years, Angola’s energy landscape is evolving, attracting six major energy companies that are expanding their portfolios. Iombo highlighted the effectiveness of Angola’s policies, which include renegotiating contracts to offer better terms for investors, thereby encouraging increased production.
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The country is maintaining production levels at 1.1 million barrels per day and has approved an incremental production decree to support further growth. In addition to new blocks, Angola is focusing on incentivizing reinvestment in its mature basins. Victor Santos from ANPG pointed out that there is still potential in these long-producing fields, and adjustments in terms are being made to encourage operators to optimize production. The incremental production initiative aims to provide better fiscal conditions for oil produced above existing base levels, facilitating cost recovery and further investment.
The AOG 2024 pre-conference in Luanda includes workshops and presentations on various aspects of the oil and gas value chain, setting the stage for the main conference events on October 2-3.
