Angola-UK trade has been rising gradually in recent years, showing a 6.3% increase from 2022 and 2023 alone. Top Angolan exports to the UK include natural gas and crude oil, and with new hydrocarbon projects set to come online in 2025 and 2026, the country is well-positioned to boost export volumes even further.
Angola’s premier international event for the oil and gas sector – Angola Oil & Gas 2024 – will unite stakeholders from the Angolan and UK markets to foster fresh collaborations across the oil and gas industry. Promoting investment and block opportunities, the event connects UK players to Angola while showcasing strategic hydrocarbon projects led by UK companies across the country.
AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact [email protected].
Leveraging UK Expertise to Drive O&G Projects Forward
UK-based oil and gas companies continue to make strides towards developing large-scale oil and gas projects in Angola. Partnerships with Angola’s NOC Sonangol have underpinned many successful developments thus far and will be the linchpin of future investments. UK-headquartered independent oil and gas firm Afentra is expanding its presence in Angola, recently boosting its interests in offshore Blocks 3/05 and Block 3/05A. The deal was finalized in May 2024, granting the company an additional 12% interest in Block 3/05 and 16% interest in Block 3/05A. The company is also in the final stages of acquiring stakes in multiple blocks, including KON 15, KON 19 and Block 23. Ian Cloke, COO of Afentra will speak at this year’s AOG conference, providing insight into recent block acquisition and future projects.
Meanwhile, British-based energy major bp has been active in Angola since the 1970s, merging its Angolan operations with those of Italian multinational Eni in 2022 to create Angola’s largest independent equity producer of oil and gas, Azule Energy. Azule Energy leverages both bp and Eni’s expertise and market experience to deliver impactful and sustainable oil and gas projects in the country. Currently, the company has over two billion barrels equivalent of net resources, stakes in 20 licenses – of which 11 are operated – and participation in the Angolan LNG joint venture.
Azule Energy signed Risk Service Contracts in December 2023 for offshore Blocks 46, 47 and 18/15 – situated in the Lower Congo basin. The deal supports deepwater development in Angola. The company also made FID on the Agogo Integrated West Hub Development in 2023 – situated in Block 15/06. The project’s FPSO will have a capacity of 70,000 bpd and is set to come online in 2026.
Azule Energy is also developing the country’s first non-associated gas project through its stake in the New Gas Consortium – operated by Azule. The project is also set to come online in 2026 and features the development of gas from the Quiluma and Maboqueiro fields – located in the shallow waters of the Northern Gas Complex – to produce four billion cubic meters of gas per year. Azule Energy’s CEO Adriano Mongini is also speaking at AOG 2024.
Facilitating Angola-UK Business Opportunities
While Angola-directed FDI from the UK stood at £2.2 billion in 2021, there exist significant opportunities to increase this figure while supporting UK firms entering the Angolan market. Angola removed visa restrictions for UK travelers in 2023, thereby making it easier to travel to and do business in the country. Platforms such as AOG 2024 further support business opportunities in the country while fostering partnerships and collaboration between UK and Angolan firms.
Additionally, organizations such as the UK-Angola Chamber of Commerce foster growth between UK and Angolan firms by promoting business opportunities between both countries. Through networking functions and business support services, the chamber facilitates trade and investment while driving skills development, market access and collaboration.
The chamber signed an MoU with the Angolan Private Investment and Export Promotion Agency in September 2023 to support global opportunities for Angolan firms. Additionally, the chamber signed an MoU with Angola’s largest online employment portal Jobartis in 2023, launching the UK-AO CONNECT Scholarship and First Job Assistance Program. The initiative provides support for individuals seeking employment in both the Angolan and UK markets by preparing scholars for the corporate world.