Opened by João Lourenço, President of Angola, the event serves to Drive Exploration and Development Towards Increased Production
LUANDA, Angola, October 3, 2024/APO Group/ —
The fifth edition of the Angola Oil & Gas (AOG) conference and exhibition was officially opened with rallying calls by industry leaders and major operators to increase investment and bolster hydrocarbon production. With a target to maintain crude output above one million barrels per day (bpd) beyond 2027, the country is calling on investors to seize opportunities created by recent regulatory reforms to drive projects forward.
The event was opened by Angolan President João Lourenço, who called on the industry to invest more across the oil and gas value chain. Citing strengthened policies, transformed national entities and significant untapped potential, President Lourenço emphasized the need to accelerate the sustainable development of oil and gas in Angola.
“Angola aspires to be a competitive hydrocarbon producer, contributing to global energy security. The government has been working tirelessly to establish a regulatory environment that is competitive, with fiscal regimes and policies applicable to the market. We have transformed the market in a way that allows each entity to prioritize oversight and regulation. The liberation of the sector has opened the space for more operators. The government calls on investors to look at these business opportunities,” he said.
Echoing these remarks, Diamantino Azevedo, Minister of Mineral Resources, Petroleum and Gas of Angola, shared insight into the measures the country is implementing to address production declines. According to the minister, with energy security representing a major priority – both globally and in Angola – the need to invest more heavily in oil and gas production has become even more critical.
The Angolan government has been promoting reforms to improve the legal instruments to create more competitive conditions for investment
“I would like to reiterate: drill baby drill. The Angolan government has been promoting reforms to improve the legal instruments to create more competitive conditions for investment. In this instance, the traditional companies in our market have been expanding their interests in exploration and the development of oilfields. Our greatest challenge is the decline of oil production and we would like to reiterate our commitment to our partners in the industry as well as our international and regional counterparts,” stated Minister Azevedo.
Some of Angola’s biggest operators are already responding to the call to boost production. French energy major TotalEnergies, for example, has plans to increase production across its FPSOs in Angola. With six in operation and a seventh planned as part of the Kaminho deepwater development – which achieved $6 billion FID in 2024 – the company is committed to sustainable oil and gas development.
“We want to produce more energy with less emissions. Our focus is on increasing oil and gas production while pursuing renewable energy. We are involved in major greenfield projects – such as Begonia which will start next year and the Kaminho development. We have also started a $1 billion program to increase efficiency across our FPSOs. For investors, it is important to operate in a clear, transparent and attractive environment. This is clear in Angola,” Mike Sangster, SVP Africa at TotalEnergies, said.
Azule Energy – a joint venture between Eni and bp – also aims to increase production to 250,000 bpd in the short-term. With stakes in various oil assets, the New Gas Consortium and low-carbon projects, the company leverages the expertise of Eni and bp to drive projects forwards.
According to Gordon Birrell, EVP Production & Operations at bp, “we appreciate the welcoming attitude towards international investment in Angola. This has enabled bp and Eni to come together and realize the vision we had for Azule Energy. We believe that we are capable to unleash the full potential of Angola’s resources.”
Adding to this, Guido Brusco, COO Natural Resources at Eni, said that “Our commitment is to keep investing in Angola. Together, we are starting the journey towards a just energy transition. We are promoting sustainability, accessibility and economic growth.”
As such, Angola’s dedication to regulatory reform, international engagement and forward-looking solutions to both energy security and the energy transition is expected to unlock a wave of economic opportunity for the country. According to NJ Ayuk, Executive Chairman at the African Energy Chamber, “More work needs to be done. Reforms must continue. We must encourage natural gas and downstream projects. We must look at developing petrochemicals. We must listen to the young people and understand that our job is not to be change-makers for today but for the future.”
Distributed by APO Group on behalf of Energy Capital & Power.
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