With a planned USD 60 billion investment pipeline for the oil and gas industry, Angola is experiencing a surge in upstream activity, from frontier exploration to seismic acquisition to drilling and incremental production.
With over three decades of operational history in Angola, energy major ExxonMobil is driving an ambitious exploration and production agenda, focusing on maximizing output at active assets while pursuing frontier opportunities.
Recently, the company signed an agreement alongside TotalEnergies for the study and evaluation of the Free Areas of Blocks 17/06 and 32/21.
The company is also eyeing a USD15 billion investment in the Namibe basin, pending the results of ongoing exploration activities.
These efforts are expected to unlock new resources in Angola.
Katrina Fisher, Managing Director of ExxonMobil Angola, will soon share further insights into ExxonMobil’s investment plans.
With a long history in Angola, energy majors bp and Eni have played an instrumental part in unlocking resources and generating economic opportunities for the country.
The merger of the companies’ Angolan operations in 2022 saw the rise of Azule Energy – Angola’s largest independent equity producer of oil and gas – and the subsequent integration of bp and Eni’s project portfolio and expertise.
On the back of this, Azule Energy has spearheaded various large-scale operations in Angola, with new targets to increase production to 250,000 barrels per day.
Major upcoming developments include the Agogo Integrated West Hub Development (2025) and Angola’s first non-associated gas project (2026).
Nigerian independent exploration and production company First Exploration and Petroleum Development Company (FIRST E&P) has a strong portfolio of producing assets in Nigeria and is currently pursuing regional growth opportunities.
With operations spanning both shallow waters and onshore blocks in the Niger Delta, First Exploration and Petroleum Development company has established experience in exploration and production activities.
While not directly active in Angola as of yet, FIRST E&P stands to play a notable role in unlocking greater value from Angola’s oil and gas resources.
Angolan oil and gas company Alfort Petroleum is pursuing onshore exploration in Angola, following its qualification as an operator under the country’s 2020 bid round.
During the round, Alfort Petroleum won operatorship of Block KON 8, attaining a 50 percent stake in the asset.
To date, the company has completed the seismic acquisition phase for the block and is currently in the final stages of interpreting the data. Alfort Petroleum aims to start drilling activities in fourth quarter of 2025 or the first quarter of 2026.
Meanwhile, Angolan private energy company Etu Energias seeks to increase oil and gas production to 80,000 bpd by 2030 through the optimization of producing assets and the accelerated development of newly-acquired blocks.
The company expanded its portfolio of operated and non-operated blocks from 6 to 15 in 2024, while its reserves grew 2.6 times to reach 106 million barrels.
In 2025, the company continues to drive a 3D seismic campaign at Block FS/FTST, will spud the Chimacuanga exploration well and will complete feasibility studies at the newly acquired Blocks CON 1 and CON 4.