Barroso ... offering investment opportunities

Angola, which will launch its next oil and gas licensing round in 2025, is inviting US-based exploration and production companies to invest in upcoming block opportunities.

Part of a six-year licensing round launched in 2019, the country concluded a 12-block tender in January 2024 and is currently finalising production sharing negotiations.

Last month, at a networking function hosted by Angola Oil and Gas (AOG) 2024 in Houston, the US, Jose Alexandre Barroso, Angola’s Secretary of State for Oil and Gas, said: "Although we recognise the importance of the energy transition, we do believe that both hydrocarbons and renewables can work together, and therefore we are still looking for investment in the oil sector while trying to make this industry cleaner, making sure that we acquire the newest technology to lower carbon and methane emissions."

National Oil, Gas & Biofuels Agency (ANPG), the country’s national concessionaire and regulator has outlined the success of previous bid rounds, inviting US companies to invest in exploration in support of Angola’s two million-barrel-per-day (bpd) production goal.

With over 2.5 billion barrels of proven oil reserves and 11 trillion cu ft of proven natural gas reserves, Angola offers a wealth of opportunities for investors. The country aims to utilise gas for 25 per cent of its energy needs by 2025 while increasing oil production to 1.18 million bpd in 2024 and 2 million bpd in the long-term.

With an established market, Angola continues to offer significant potential in both on- and offshore exploration.