This move aims to enhance production and attract more investment to the country as Angola seeks to halt the sharp decline in crude oil production from ageing oilfields.
The first multi-year auction, covering 50 onshore and offshore blocks, was held for the 2019–25 period. Production in Angola, reputed to be Africa’s second-largest crude oil producer after Nigeria, has stabilised at just over 1.1 million barrels per day (mbbl/d), down from a peak of around 2mbbl/d in 2008.
Andrade also mentioned that 35 concessions have been awarded so far during the first four licensing rounds of the multi-year strategy.
Andrade stated: “The plan is by the end of this year to be close to 41 concessions and then next year to 50.”
ANPG forecasts an estimated $60bn of new investment in currently producing concessions over the next five years, alongside “tens of billions” more from new licence holders in the future.
In July 2024, Vallourec secured a contract from TotalEnergies for the Kaminho deep-water project off the coast of Angola.
The agreement involves supplying nearly 5,000 tonnes of oil country tubular goods solutions and associated services for the project.
In June 2024, Aker Solutions secured a long-term frame agreement with Azule Energy to deliver engineering, procurement and construction (EPC) services for brownfield projects and modifications on two floating production storage and offloading (FPSO) units in Angola.
The agreement specifically targets the Greater Plutonio and PSVM FPSOs, covering EPC services for maintenance and modifications.
