The African Energy Chamber is proud to announce that Angola’s National Oil, Gas and Biofuels Agency will participate at African Energy Week 2023 as a diamond sponsor, where the firm will showcase opportunities within the country’s oil and gas sector.
Angola’s immense hydrocarbon resources, measuring 9 billion barrels of proven oil reserves and 11 trillion cubic feet of proven natural gas, offer lucrative opportunities for regional and global E&P players. Representing one of the biggest oil producers on the continent, natural declines in legacy fields and efforts to diversify the economy through gas have led to the country inviting new players to join the promising market. Spearheaded by the country’s national concessionaire, the National Oil, Gas and Biofuels Agency (ANPG), Angola has opened a strong slate of investment prospects across the entire energy value chain.
During the 2023 edition of the African Energy Week (AEW) conference and exhibition, which serves as the biggest gathering of energy stakeholders on the continent, the ANPG will promote investment opportunities in Angola, connecting with companies and financiers as a diamond sponsor at the event. AEW 2023 takes place in Cape Town from October 16-20 under the theme, ‘The African Energy Renaissance: Prioritizing Energy Poverty, People, the Planet, Industrialization and Free Markets.’
Since its establishment in 2019, the ANPG has played a crucial role in revitalizing Angola’s oil and gas industry and driving the growth of the entire value chain. Serving as the national regulator and concessionaire, the ANPG has negotiated new exploration and production agreements, maximized the implementation of new health, safety and environmental policies, and facilitated the development and adoption of new laws aimed at the development of human capital. As a result, the country has seen an increase in new investments and discoveries, and has effectively positioned itself as a regional exploration and production hub. Angola also now ranks as one of Africa’s largest oil producers and a global natural gas hub in the making.
Under the guidance of the ANPG, several large-scale developments have kicked off in the country, including the Quiluma and Maboqueiro gas fields which will produce four billion cubic feet of gas per annum as from 2026, and the 420-million-barrel Cameia-Golfinho discovery. New investments include $3 billion announced by TotalEnergies in July 2022 for the Begonia Oil Field Development and an $850 finance package announced by TotalEnergies for the development of the CLOV Phase 3 project. Gemcorp, the African Finance Corporation and partners have also recently announced a $335 million package for the development of the Cabinda Oil Refinery.
Going forward, Angola’s exploration surge is poised to be led by the ANPG’s six-year licensing round, currently underway. Launched in 2019, the round aims to entice new players to join the market while encouraging existing actors to expand their investments. The round offers a total of 50 new blocks and will be opened in phases through to 2025. The latest bid round, launched in February 2022, piqued the interest of major operators, with thirteen pre-selected companies invited to bid in the eight-block round. As the country moves to increase production, the multi-year licensing round will prove integral to monetizing new reserves.
“Since 2019, the ANPG has managed to unlock Angola’s upstream potential with the introduction of a multi-year licensing round. Now that the energy transition is shifting business models for African energy producers, the ANPG continues to ensure that the right conditions and favorable policies are in place for the country to drive a just and inclusive energy transition,” stated NJ Ayuk, the Executive Chairman of the African Energy Chamber (AEC).
Furthermore, Angola’s oil and gas industry’s contribution to the growth of the economy has continued to expand. The industry now accounts for 90% of total exports, 20% of gross domestic product and contributes 40% of tax revenue. And now that Angola is targeting to expand cooperation with global investors and market players to boost hydrocarbon production, the role of the ANPG continues to grow. In this regard, AEW 2023, as the premier event for the African energy sector, represents the best platform for ANPG representatives to network and forge partnerships with global players and investors.
During the event, the ANPG, as a diamond sponsor, will participate in high-level panel discussions, project showcases and deal signings focused on investment and partnership opportunities within Angola’s burgeoning energy sector. The ANPG’s diamond sponsorship speaks both to the caliber of the event as the premier platform to sign deals as well as to the company’s commitment to growing Angola’s energy sector.
AEW is the AEC’s interactive exhibition and networking event uniting African energy stakeholders, driving industry growth and development, and promoting Africa as the destination for African-focused events. For more information about sponsorship, attendance, and partnership opportunities, visit www.aecweek.com.