Angola upstream summary Report

Country Report 20 December 2024

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Report summary

Angola is Sub-Saharan Africa's second largest oil producer - behind Nigeria. Oil production is relatively steady at 1.15 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 will offset decline from existing production.Angola announced in December 2023 that it was leaving ...

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 onshore 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 entitlement
  - Product pricing
  - PSC cost recovery
  - Investment uplift/credit
  - Cost carry forward
  - PSC profit sharing
  - 4 more item(s)...
- 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
  - 2 more item(s)...
- 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
  - 1 more item(s)...
- Marginal field terms
- Incremental Production Law
- 1 more item(s)...