Angola is home to substantial oil- and gas-rich acreage, with the majority of its hydrocarbon production derived from the offshore fields of Cabinda and deepwater fields in the Lower Congo Basin.
With an average output of approximately 1.16 million barrels of oil per day in 2022, Angola’s petroleum industry accounts for nearly 75% of its revenue, with the domestic upstream market expected to grow by more than 1.5% over the next five years.
Ndungu Field – 1 billion barrels of estimated oil reserves
Having commenced oil production in February 2022, the Ndungu EP Development Project located in Block 15/06 offshore Angola contains an estimated one billion barrels of oil equivalent in place. Operated by Azule Energy – a recent merger between Eni and bp in Angola – the oil field is expected to contribute approximately 20,000 barrels of oil per day. The field is situated approximately 130km off Angola’s coast and 10km from the Ngoma Floating Production Storage and Offloading (FPSO) unit.
Agogo Oil Field Development – 1 billion barrels of estimated oil reserves
Currently being developed at a water depth of approximately 1,700m in Block 15/06 offshore Angola, the Agogo Oil Field Development first started production in January 2020, nine months after its discovery, and contains an estimated one billion barrels of estimated oil reserves. Operated by Azule Energy, the field was discovered 20km west of the Ngoma FPSO unit, located in the West Hub production area, approximately 180km off Angola’s coast.
Greater Plutonio Development Fields – 750 million barrels of estimated oil reserves
Comprising the Galio, Cromio, Paladio, Plutonio, and Cobalto fields, the Greater Plutonio Development Fields are situated in water depths of up to 1,600m, approximately 160km northwest of Luanda in the Block 18 concession, offshore Angola. Discovered between 1999 and 2001, the development fields, operated now by Azule Energy, contain estimated reserves of 750 million barrels, making it one of the southern African country’s largest assets.
Kaombo Project Oil Field Development Area – 658 million barrels of estimated oil reserves
Located in water depths reaching up to 1,950m and situated approximately 150km off the Angolan coast, the Kaombo project is the largest ultra-deepwater oilfield development in Angola. Located in offshore Block 31 and operated by supermajor TotalEnergies, the development area comprises the development and tie-back of six satellite fields – the Gengibre, Gindungo, Caril, Canela, Mostarda, and Luro oil discoveries – as well as two FPSO facilities, the Kaombo Norte and Kaombo Sul. Spread over an area of approximately 800km2, the Kaombo project is estimated to hold reserves of approximately 650 million barrels of oil.
CLOV Field Development Area – 505 million barrels of estimated oil reserves
Serving as the fourth production hub in Block 17 offshore Angola, and situated approximately 140km from Luanda, the CLOV Field Development Area comprises the Cravo, Lirio, Orquidea, and Violeta fields. Operated by TotalEnergies, production of Phase I of the project began in June 2014 at a rate of 160,000 barrels of oil per day, while Phase II was launched in 2018, targeting an additional 55 million barrels of oil equivalent and reaching a production capacity of 40,000 barrels of oil equivalent in 2022.