Angola upstream summary Report

Country Report 01 November 2023

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Report summary

Angola is Sub-Saharan Africa's second-largest oil producer - behind Nigeria. Production is relatively steady at 1.2 million b/d and primarily comes from deep or ultradeep waters. We do not expect production in Angola to materially grow above current levels despite continued investment. Many larger fields are now mature, having been developed in the 2000s and 2010s. Most new production capacity will offset decline from existing production.Angola's commercial gas production is ...

Executive summary
Key facts
Location maps
Key companies
- The NOC
- The Majors
- Other companies
Geology
- Introduction
  - Plate tectonic evolution
- Stratigraphy
- Lower Congo Basin
  - Pre-salt sequence
  - Aptian salt unit
  - Post-salt sequence
- Kwanza Basin
  - Pre-salt sequence
  - Aptian salt unit
  - Post-salt sequence
- Namibe Basin
Exploration
- Licensing
  - Ongoing and future licencing rounds
  - 2023 offshore licensing round
  - 2021 offshore licensing round
  - 2020 onshore licence round
  - 2019 Namibe basin round
- Early exploration and licensing
  - 2005/2006 licensing round
  - 2007/2008 licensing round (postponed)
  - 2010/2011 Kwanza basin licensing Round (pre-salt)
  - Angola 2013 onshore pre-salt round (cancelled)
- Drilling
  - Drilling activity
Reserves and resources
- Oil reserves
- Gas reserves
Production
- Liquids production
- Gas
Infrastructure
- Oil infrastructure
  - Luanda refinery
  - New refineries
- Gas infrastructure
  - Angola LNG
Costs
- Capital costs
  - Capital expenditure by location
- Operating costs
  - Operating expenditure by location
Policy and regulation
- Key legislation
- Regulator
- State oil company
- State participation
- Licensing
Fiscal terms
- Overview
- Upstream
- Mid/Downstream
- Current fiscal terms
- Production sharing contracts
  - NOC equity participation
  - Bonuses, rentals and fees
- Royalty and other production taxes
  - Royalty
  - Taxes and levies
  - Contractor revenue entitlement
  - Product pricing
  - PSC cost recovery
  - Investment uplift/credit
  - Cost carry forward
  - PSC profit sharing
  - Corporate (or petroleum) income tax
  - Additional profits taxes
  - Fiscal/contractual ring-fences
  - Fiscal treatment of decommissioning
- Cabinda concession: post-January 1982 terms
  - NOC equity participation
  - Carry & reimbursement
  - Bonuses, rentals and fees
  - Royalty
  - Domestic market obligation (DMO)
  - Investment uplift/credit
  - Corporate (or petroleum) income tax
  - Additional profits taxes
  - Fiscal/Contractual ring-fences
  - Dividend withholding tax
- Risk Service Agreement (RSA)
  - Carry & reimbursement
  - Bonuses, rentals and fees
  - Domestic market obligation (DMO)
  - Service fee
  - Petroleum production tax (PPT)
  - Petroleum transaction tax (TTP)
  - Corporate (or petroleum) income tax
  - Fiscal/contractual ring-fences
  - Dividend withholding tax
- Marginal field terms
- Historical background
  - Pre-1970
  - 1970s-1980s
  - Production sharing contracts
  - 1990s

Tables and charts

This report includes 28 images and tables including:

Key facts: Table 1
Country Map
Reserves and contingent resources at 01/01/2024

Liquids and Gas Production 2023
Net Acreage 2024
Oil/liquids
Production: Table 2
Reserves and resources: Table 1
Reserves and resources: Table 2
Reserves and resources: Table 3
Liquids production by region
Gas production
Fiscal terms: Table 5
Map of Angolan petroleum basins
Major tectonic phases, stratigraphic events and depositional stratigraphy of Angola
Map: 2019 - 2025 licensing schedule
Exploration: Table 1
Exploration: Table 2
Angolan exploration drilling by region
Exploration drilling by basin
Costs: Table 1
Costs: Table 2
Costs: Table 3
Costs: Table 4
Fiscal terms: Table 1
Fiscal terms: Table 2
Fiscal terms: Table 3
Fiscal terms: Table 4