While Angola stands as one of Africa’s major oil producers, initiatives to ramp up production to 1.18 million barrels per day (bpd) by 2024 have opened up new investment prospects for global stakeholders. U.S. companies and investors, in particular, possess the capital and expertise necessary to bolster Angola’s oil and gas market.
Demonstrating the U.S.’s commitment to energy development and economic growth in Angola, a networking event is scheduled to take place Houston on March 19, showcasing investment opportunities across the country’s rapidly expanding hydrocarbon sector. Hosted by Angola Oil & Gas (AOG) 2024, in collaboration with the National Oil, Gas & Biofuels Agency (ANPG) and the Ministry of Mineral Resources, Petroleum, and Gas, this event offers networking avenues for U.S. entities interested in the Angolan market.
This event follows U.S. Secretary of State Anthony Blinken’s visit to Luanda in January 2024, during which discussions were held regarding bilateral relations and partnerships in infrastructure, energy, economic engagement, and trade. Additionally, in October 2023, the U.S. signed a seven-sided Memorandum of Understanding (MoU) with the African Development Bank, the Africa Finance Corporation, the EU, and the governments of the DRC, Zambia, and Angola for the Lobito Corridor project. This initiative aims to link the Copperbelt in southern Africa to the Atlantic Coast, facilitating mineral development and international trade.
AOG is Angola’s premier oil and gas event, backed by the Ministry of Mineral Resources, Oil and Gas, Sonangol, ANPG, the African Energy Chamber, and the Petroleum Derivatives Regulatory Institute. It serves as a platform for deal signings and the advancement of Angola’s oil and gas industry. For sponsorship or participation inquiries, please contact sales@energycapitalpower.com.
Under the leadership of Diamantino Azevedo, Angola’s Minister of Mineral Resources, Petroleum, and Gas, and José Barroso, Secretary of State for Oil and Gas, Angola is actively inviting U.S. and global exploration and production (E&P) companies to invest in its frontier basins. The country presents investment opportunities in both onshore and offshore oil, as well as emerging prospects in gas exploration and LNG. Angola concluded its most recent licensing round in January 2024, overseen by ANPG, featuring a 12-block tender for blocks in the Lower Congo and Kwanza basins, with the next round scheduled for 2025. With proven oil and gas reserves estimated at nine billion barrels of oil and 11 trillion cubic feet of natural gas, respectively, Angola offers significant opportunities for U.S. investors.
Speakers at the Houston networking event are expected to underscore the substantial opportunities available in Angola’s oil and gas sector across the entire value chain. In 2022, U.S. Foreign Direct Investment (FDI) in Angolan stocks totaled $255 million, marking a 53.1% increase from 2021, indicative of strong investor confidence in the country’s market. As exploratory successes continue and new basins are opened, the investment climate in Angola becomes even more attractive for U.S. oil and gas companies.
The Houston networking event, scheduled from 17:00-20:00, also serves as a prelude to the AOG 2024 conference. Organized by Energy Capital & Power, AOG 2024 will introduce U.S. investors and project developers to upcoming opportunities in exploration and production.
Source: Energy Capital & Power
