The fifth edition of the Angola Oil & Gas conference took place in Luanda from October 2-3 under the theme Driving Exploration and Development Towards Increased Production

LUANDA, Angola, October 4, 2024/APO Group/ — 

Angola’s Secretary of State for Mineral Resources, Petroleum and Gas José Barroso officially closed the fifth edition of the Angola Oil & Gas (AOG) conference with calls to Drive Exploration and Development Towards Increase Production.  

We had the opportunity to present the market conditions created by the government that make it more transparent and competitive, allowing for private investment

Taking place over two days in Luanda from October 2-3, AOG 2024 featured several industry-advancing deals; new partnership formed; and a strong slate of high-level discussions centered around strengthening the oil and gas industry in Angola. AOG 2024 featured the participation of energy and hydrocarbon ministers from Angola, Namibia, Ivory Coast, the Democratic Republic of the Congo and Republic of Congo, alongside major operators and service providers, all of which committed to increasing exploration and regional collaboration.  

“We had the presence of ministers from sister countries in Africa and senior representatives of companies and different institutions coming, demonstrating the caliber this conference has. We had the opportunity to present the market conditions created by the government that make it more transparent and competitive, allowing for private investment. Our institutions had the opportunity to present what we have as business opportunities,” stated Barroso.  

The event also featured a pre-conference technical program on October 1, a multi-track program agenda and an innovative exhibition, all of which showcased the latest projects and future opportunities in Angola’s hydrocarbon industry.  

“I would like to thank the President of Angola João Lourenço for all the support we had. I would also like to thank Energy Capital & Power for the beautiful work they did in organizing this event. We were all amazed by the opening of this event yesterday. We would also like to thank the support staff that made it possible to have this beautiful event today. We would also like to thank the exhibitors that were able to show us that our industry can count on them. Lastly, I would like to thank all invited guests for the time and dedication towards this event,” Barroso concluded.  

Distributed by APO Group on behalf of Energy Capital & Power.

Angola’s Minister of Mineral Resources, Oil and Gas Diamantino Azevedo discussed the potential for the country’s oil and gas resources to drive diversification and socioeconomic development in the country

LUANDA, Angola, October 4, 2024/APO Group/ — 

As one of Africa’s leading oil producers, boasting an impressive output of over 1.1 million barrels of oil per day, Angola has garnered a reputation as an easily accessible and attractive investment destination. The country has continued to attract investment for new exploration from global major players such as TotalEnergies, ExxonMobil, Chevron and Azule Energy.

As such, Angola’s Minister of Mineral Resources, Oil and Gas Diamantino Azevedo discussed the country’s achievements and aspiration during a fireside chat at the Angola Oil & Gas 2024 conference. Sponsored by Angolan service company Angola Environmental Serviços, the fireside chat presented an opportunity for the minister to discuss the value of Angola’s resources, how the country aims to stabilize production and boost local capacity building.

“When we explore natural resources, we aim to use them to transform society and contribute towards improving life in Angola,” Minister Azevedo stated, adding, “That’s why it’s important to speak not only in terms of how many million barrels we produce, but to speak on the impact on the living conditions of the population.”

Attention in Angola’s oil and gas sector is not only on current developments but future projects. With an energy sector ripe for investment, the country continues to streamline its investment process, making it straightforward for potential investors. These opportunities transcend traditional oil and gas, with the country’s renewable market enticing players as well.

It’s important to speak not only in terms of how many million barrels we produce, but to speak on the impact on the living conditions of the population

“We have drafted a new strategy for working towards seeking natural resources. The geological surveying is a continuous process. As long as there is a possibility of us discovering natural resources, we have to continue working,” the Minister added.

Meanwhile, in the local content space, demand for drilling and oilfield services, detailed engineering, procurement, technical construction and pre-fabrication and assembly is poised to boost the participation of local companies in the country’s oil and gas sector. To support efforts to maintain production above one million barrels beyond 2027, Angola has been promoting investment in the upstream sector, which is projected to grow by 15% between 2022 and 2027.

As such, the fireside chat directly addressed the methods of navigating Angola’s regulatory landscape, how companies can leverage innovative financing mechanisms and strategies for enhancing competitiveness in Angolan oil and gas.

“We have introduced new methodologies like the permanent offer of blocks and now we have approved a new procedure, and all this has brought new opportunities for investors. The extraction sector will always be the engine of diversification in our country’s economy,” the Minister concluded.

Distributed by APO Group on behalf of Energy Capital & Power.

Afentra, Trafigura and the Africa Finance Corporation discussed strategies for securing financing to enable independents to acquire and develop Angola’s mature fields during Day 2 of Angola Oil & Gas 2024

LUANDA, Angola, October 4, 2024/APO Group/ — 

Independent energy firm Afentra expressed interest in partnering with local oil and gas firms to acquire mature assets in Angola during a panel at the Angola Oil & Gas 2024 conference on October 3.

Sponsored by multinational commodities company Trafigura, the panel – Strategic Partnerships: Financing Upstream Oil Operations – discussed the evolution of Angola’s upstream sector amid efforts to revitalize production from mature fields. Moderated by Elmano Costa, Senior Lawyer at Morais Leitão Legal Circle, the session explored the growing role of independent players in driving project developments and maximizing oil production.

Earlier this year, Afentra completed the acquisition of 12% and 16% non-operating interests in offshore Blocks 3/05 and 3/05A, respectively, from Azule Energy. The company worked closely with Trafigura to mobilize $100 million toward the acquisition, along with leveraging existing debt facilities and cash flow from its balance sheet

“We see great opportunities to acquire mature assets in Angola, reduce emissions from those assets and further develop them,” said Paul McDade, CEO of Afentra, adding, “We anticipate more large companies divesting in the future, with independents stepping in to acquire mature fields. We aim to continue working alongside Angolan companies, combining efforts to secure additional assets. The challenge lies in convincing investors to finance these projects.”

We select projects in Angola based on their commitment to reducing emissions and reinjecting associated gas

“Having the big players sell to independents is the future. It doesn’t make sense for TotalEnergies or Chevron to hold onto mature fields with declining production, so it’s a natural cycle to sell them to independent players, and Trafigura provides them with financial protection,” added Matthieu Milandri, Head of Upstream Finance at Trafigura, who worked closely with Afentra on the acquisition.

Taiwo Okwor, Vice President of Investment at the Africa Finance Corporation (AFC), emphasized the role sustainability and emissions reduction in securing funding for Angolan projects, as well as the importance of integrated oil and gas projects with strong infrastructure components.

“We select projects in Angola based on their commitment to reducing emissions and reinjecting associated gas. We provide capital, but closely monitor emissions and explore sustainable financing options,” said Okwor, adding, “Connecting infrastructure makes a project more bankable and attractive to financiers.”

Trafigura is involved in the funding of several large-scale projects in Angola, including the 60,000-barrel-per-day Cabinda Refinery, whose first phase is set to come online in 2025, and the Lobito Railway Corridor, which links Zambia and the Democratic Republic of Congo to the Port of Lobito to enable the export of copper, cobalt and other critical minerals.

“Building large-scale infrastructure projects is a lengthy and expensive undertaking for a country. Our role, alongside other partners like banks, is to provide expertise and security to make these projects viable,” said Milandri.

“The goal of these infrastructure projects is to boost regional trade and connect Angola to southern Africa. Ultimately, we want to close the infrastructure deficit and bridge the economic gap in the region,” concluded Okwor.

Distributed by APO Group on behalf of Energy Capital & Power.