Data and analytics company Wood Mackenzie has highlighted six strategic developments to watch in Angola over the 2024-2026 period. Dr. Ian Thom, Research Director at Wood Mackenzie, outlined these developments during a workshop at the Angola Oil & Gas (AOG) pre-conference on Tuesday.
According to Dr. Thom, these developments include the Kaminho Deepwater Development, which achieved FID by TotalEnergies in 2024. The $6-billion project – comprising the Cameia and Golfinho fields – represents one of the largest projects globally in 2024 and the first deepwater development in Angola’s Kwanza Basin. The second development to watch is the Azule Energy-operated Block 15/06, where Wood Mackenzie believes there remains significant potential for investment. Block 15/06 is a producing conventional oilfield which comprises the Agogo Integrated West Hub Development. First production for the Agogo project is anticipated by mid-2026.
According to Dr. Thom, Angola’s next major gas development should also be in view. The country’s Gas Master Plan – currently in development, with a public consultation planned for October 21, 2024 – will support new gas projects, generating greater anticipation for what the next project on the agenda will be. Another area to watch is wildcat wells, specifically frontier wells planned in underexplored basins such as Namibe. ExxonMobil and Sonangol plan to spud the Arcturus-1 well by the end of the year, which has the potential to make a play-opening discovery.
With a 2025 bic round on the cards for Q1 next year, Wood Mackenzie believes that Angola’s future deepwater projects represent another key development to watch. “Where Angola really stands out [as a producer], is in the deepwater. The country is and remains a deepwater leader in Africa and third-ranked globally,” he stated. To maintain this position, the 2025 licensing round aims to attract active operators to expand their portfolios, while also enticing new entrants to the market. Anticipated merger and acquisition activity – the sixth area to watch – will further support this goal.
As the country prioritizes deepwater investments, Angola’s fiscals are poised to play a larger role in ensuring it competes with emerging producers such as Namibia and Mozambique. According to Dr. Thom, “The blend of prospectivity and fiscals will play a major part in attracting investment. Angola is in a strong position in this regard. The country’s marginal field terms are also globally competitive and are quite effective in competing for investment.”
The AOG 2024 pre-conference served as a prelude to the main event, taking place on October 2-3. Featuring a series of workshops and presentations, the pre-conference program offers strategic insight into various segments of the oil and gas value chain in Angola.
