Angola’s deepwater market success continues to shine a spotlight on the country’s untapped oil and gas potential. The country’s exploration opportunities remain high with recent deepwater discoveries making clear the frontier potential of the mature producer.
With opportunities consistently emerging across the Angolan deepwater landscape, the country’s official energy conference, Angola Oil & Gas (AOG) (https://bit.ly/3tsQjym) – taking place from November 29 to December 1 – seeks to drive new investment and development across these basins, connecting regional and international explorers with policymakers and concessionaires in Angola.
For its part, Angola (https://bit.ly/3O4qAWx) has been quick to seize the opportunities present in both the deep- and ultra-deepwater, with a number of exploration campaigns unlocking sizable finds. Angola’s deepwater play commenced with the startup of the Kuito Field in 2000 by global energy major Chevron. At a depth of 400 meters, the project has catapulted Angola into a highly attractive deepwater destination, with hydrocarbon reserves found in water depths ranging from 300 meters to 1,200 meters continuing to outperform those located on the continental shelf. In 2022, the Angolan government, represented by the Ministry of Mineral Resources, Petroleum and Gas, continues to spearhead ambitious projects in a bid to unlock Angola’s deepwater reserves even further.
The most promising development currently underway is the Cameia-Golfinho deepwater project (https://bit.ly/3hxejxp) led by French energy major, TotalEnergies. Located in Block 20/11 and Block 21/09, respectively, and estimated to hold up to 420 million barrels of oil equivalent, the project is set to reverse the country’s production decline by bringing critical new resources online. The find itself represents one of seven deepwater discoveries made in the sisterly blocks. With TotalEnergies having launched a tender for a new 100,000 Floating Production, Storage and Offloading (FPSO) facility to service the Golfinho field, the French energy major is targeting a final investment decision by 2023 and first production by 2026.
In addition to the Cameia-Golfinho deepwater project, a number of other deepwater developments are currently underway that promise new opportunities for production increases. The most notable of these include Eni’s ultra-deepwater Agogo full field development (https://bit.ly/3TGwEWa) which is located on Block 15/06. Following a series of exploration campaigns and the resultant discoveries in the block, the Italian energy major brought the Agogo field online in just nine months. With approximately 205 million barrels of oil reserves, Agogo is set to produce up to 42,000 barrels per day at full capacity with FID expected by 2023 and start of production by 2026.
However, exploration opportunities remain high with a series of campaigns hoping to mirror discoveries already made in the country. In this regard, AOG 2022 (https://bit.ly/3g7fqne) represents the ideal platform for current and potential explorers to secure licenses and commence upstream campaigns. With a focus on reversing declining production trends, unlocking new investment in Angolan oil and gas (https://bit.ly/3Aiekfn) while creating value within the Angolan deepwater landscape, AOG 2022 is set to usher in a new era of hydrocarbon growth through its innovative networking forums, collaborative discussions and deal-signing sessions.