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AEW 2026 Puts Angola’s Deepwater Revival in Focus as Operators Double Down on Acreage
Angola’s deepwater market is entering a new phase of growth as existing operators expand their investments while new players enter the country’s offshore margins. As exploration accelerates, mature assets gain new life and the country’s first dedicated gas developments enter their own production cycle, attention is shifting toward the policies, partnerships and capital needed to sustain long-term production growth.
These priorities will be at the forefront of the African Energy Week (AEW) Conference and Exhibition, taking place October 12-16 in Cape Town. A dedicated panel discussion on Investing in Angola’s Offshore Future: Scale, Stability and New Capital will examine the strategies required to strengthen Angola’s deepwater production. Angola’s upstream regulator the National Oil, Gas & Biofuels Agency (ANPG) and leading offshore operators, including TotalEnergies, Sonangol, Chevron, ExxonMobil, Afentra and Etu Energias, will lead the discussion, sharing insight into the future of Angolan offshore production.
The discussion comes as Angola’s deepwater sector gains renewed momentum following a series of exploration agreements, farm-ins and long-term investment commitments. Existing operators have taken steps toward extending field-life, with recent agreements reaffirming the long-term viability of offshore developments. TotalEnergies extended the life of Block 32 to 2043, laying the foundations for continued investment in one of the country’s most active producing hubs. ExxonMobil extended its Block 15 production license through 2037, while Etu Energias is rebuilding value from legacy assets through a redevelopment program at Block 2/05.
New players have also entered the market. Woodside Energy signed an MoU to conduct studies at Blocks 25, 26 and 43 while Shell returned to the market in 2025 with the signing of an agreement with the ANPG and Chevron for Block 33/24. This was followed by Shell’s deepwater farm-in - signed in 2026 - for Blocks 49 and 50. Petrobras has also deepened its engagement with Angola through an agreement to explore offshore acreage.
Production growth is being matched by investments in exploration. Equinor entered Block 16/21 in June 2026, while ExxonMobil and TotalEnergies signed a deal to explore acreage in the frontier Namibe and Benguela Basins. These deals are a direct culmination of Angola’s improving investment climate, backed by policies such as a multi-year licensing round, Permanent Offer Regime and specialized marginal field opportunities.
Upstream momentum extends beyond oil. Angola’s first non-associated gas project - led by the New Gas Consortium (NGC) - has laid the foundations for a dedicated domestic gas industry, while creating new opportunities for enhanced LNG exports and offshore investments. Production officially started in 2026 at 150 million standard cubic feet per day (mmscf/d), with ramp up to 330 mmscf/d expected in the future. Angola’s first dedicated gas discovery, made at Block 1/14 in 2025, has reaffirmed the market’s potential, strengthening Angola’s investment case as the country seeks to diversify its industry beyond oil.
Amid these developments, the AEW 2026 discussion will explore how Angola can maximize recovery from existing deepwater hubs while improving the commercial viability of marginal and undeveloped discoveries. Participants will also examine how shared infrastructure, risk-sharing partnerships and continued fiscal reforms can reduce development costs for capital-intensive offshore projects, including future deepwater and pre-salt opportunities.
“Angola has demonstrated that consistent reform, regulatory certainty and collaboration with industry create the conditions for sustained offshore investment. The country's next chapter will depend on unlocking greater value from existing assets while creating a competitive environment for new deepwater, pre-salt and gas developments,” said NJ Ayuk, Executive Chairman of the African Energy Chamber.