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Oil and Gas Investment in Angola - 2nd Edition
CWC Publishing, Dec 2002
Over the past five years Angola has emerged as one of the most promising hydrocarbon ‘hotspots’ in the world. As a result of the proved reserves and high quality output in the Cabinda offshore concessions, the demonstrated potential capacity of the offshore deepwater and ultra-deepwater plays has raised international oil and gas investment interest.
....of oil
From the current oil production of around 780 000 barrels a day, oil production in Angola is expected to increase to approximately 1.5 million barrels a day by 2003/04. Moreover, while 75% of Angola’s current oil production comes from the relatively shallow water block 0, future production prospects are firmly associated with deepwater and ultra-deepwater plays.
…of natural gas
Gas is an emerging resource for Angola and the practice of flaring gas has been prohibited, with a substantial lead-time provided for the construction and development of gas processing infrastructure and facilities. With production estimated to reach 700m cubic feet a day there will be much opportunity for investment in this area.
Investment commitments
Investment in Angola has been affected little by it’s internal political troubles and all of the major multinationals have significant interests there. These investment commitments extend to supporting engineering, construction and services industries and competition for drilling and development is keen.
Report’s coverage
This report traces the background to the oil and gas industry in Angola, provides a comprehensive review of the 40 oil E&P concession blocks, both onshore and offshore, and describes the activities and involvement of the oil companies with operator and partnership equity investments in Angola.
Sonangol
Sonangol’s role as concessionaire for all Angolan hydrocarbon deposits and reserves involves it in PSA negotiations with prospective operators and partners, based on complex and often extended bidding rounds. The circumstances associated with this process are described, together with an assessment of Sonangol’s functions as a parastatal organisation, and as a developer and operator.
Other important factors
The report considers the effects of oil price volatility, political risk, the civil war and pollution and emphasises the importance of their role in Angolan investment decision making.
The role of the oil and gas industry
In the final analysis, the full potential of the valuable role that oil and gas can play in the development of the Angolan nation will be determined by the will and determination to avoid civil war again.
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