Angola Oil & Gas Upstream Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 1.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Angola Oil & Gas Upstream Market Analysis
The Angolan oil and gas upstream market is expected to record a CAGR of more than 1.5% during the forecast period 2022-2027. The COVID-19 pandemic affected the market severely, with a major decline in the demand for crude oil. This made upstream activities economically unfeasible. However, the market is expected to recover once the restrictions imposed to control the pandemic are removed. Factors such as government focus on the development of crude oil and natural gas assets coupled with the discovery of new reservoirs are likely to drive market demand during the forecast period. However, the high volatility of crude oil prices and the shift toward renewable energy sources for energy generation are expected to restrain the market growth during the forecast period.
The offshore segment is expected to witness significant growth during the forecast period.
Significant potential in Angola's offshore area in terms of crude and natural gas deposits is likely to present significant opportunities over the coming years.
The shift toward renewable energy sources for energy generation is likely to restrain the market.
Angola Oil & Gas Upstream Market Trends
This section covers the major market trends shaping the Angola Oil & Gas Upstream Market according to our research experts:
Offshore Segment to Witness Significant Growth
Angola is among the OPEC countries and is considered one of the largest sub-Saharan oil and gas producers. The country produced around 1324 thousand barrels of crude oil per day in 2020. The crude oil production has been decreasing in Angola recently owing to maturing oil fields. Therefore, efforts are underway to develop production acreages in the offshore region, which has high potential.
The offshore segment in Angola recently witnessed significant improvements in developing crude oil and natural gas reservoirs. For instance, in November 2021, a British Petroleum subsidiary started production from the Platina oil field located in the Block 18 concession, approximately 160 km off the coast of Angola. The field is expected to hold 44 million barrels of oil reserves, with a peak production capacity of 30 thousand barrels of oil per day.
Furthermore, in October 2021, TotalEnergies SE exercised an option for the 7th generation drillship Maersk Voyager to drill the ultra-deepwater Ondjaba-1 exploration well in Angola's Block 48. The planned well depth was 11,903 feet.
In February 2022, Eni SpA started production from the Ndungu Early Production development project, located in Block 15/06 of the Angolan deep offshore. This project is Eni's third project startup in Angola in the last several months, thus, signifying major interest in the offshore region.
In line with the aforementioned developments and many other recent activities in the Angolan offshore, the offshore segment in the Angolan upstream oil and gas market is likely to experience significant growth.
Shift Toward Renewable Sources for Energy Generation Restraining the Market Growth
Angola is a western-central African country that has been reliant on oil and gas to power its economy. Due to this reason, the country is exposed to risks of crude oil prices, owing to various factors, including geopolitics. Furthermore, the country has started to move toward renewable energy due to higher carbon emissions associated with oil and gas and plans to achieve 70% of renewable energy capacity by 2025.
As of September 2021, Angola held great potential for renewable energy production, ranging up to 16.3 GW of solar power, 3.9 GW of wind power, and 18 GW of hydropower throughout the country.
In 2020, the installed renewable energy capacity in Angola stood at 3794 MW, increasing from 1033 MW in 2015.
In December 2021, Eni and Sonangol JV took the final investment decision and signed an EPC contract to build the first half of a 50-MWp solar plant project in Angola. The JV will install the first phase of the 25-MWp Caraculo PV project in Namibe province. The plant is expected to commence its commercial operations in Q4 2022.
In November 2020, MCA Group announced its involvement in the development of a 370-MWp solar power project in Angola. The company further plans to take part in the construction of seven photovoltaic plants over the next two and a half years.
In line with the abovementioned factors, the increasing adoption of renewable energy may restrain the Angolan oil and gas upstream market during the forecast period.
Angola Oil & Gas Upstream Industry Overview
The Angolan oil and gas upstream market is moderately consolidated. Some of the major players in the market include ExxonMobil Corporation, TotalEnergies SE, Eni SpA, BP PLC, and Chevron Corporation.
Angola Oil & Gas Upstream Market Leaders
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ExxonMobil Corporation
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TotalEnergies SE
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Eni SpA
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BP Plc
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Chevron Corporation
*Disclaimer: Major Players sorted in no particular order
Angola Oil & Gas Upstream Market News
In January 2022, TotalEnergies SE and Inpex Corporation signed a deal to offload their non-operated interests in Angola Block 14 and Block 14K to Angolan company Somoil. Angola Block 14 BV had a non-operated interest in a handful of mature oil assets in offshore Angola, namely the offshore Kuito and Lianzi oil fields.
In May 2021, Eni and BP initiated talks to club their oil, gas, and LNG assets in Angola. According to the non-binding memorandum of understanding (MoU), the two firms will explore merging their interest in a new joint venture company.
Angola Oil & Gas Upstream Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Angola Crude Oil and Gas Production, Historic and Forecast, till 2027
4.3 Active Rig Count, Angola, till 2021
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraint
4.7 Supply Chain Analysis
4.8 PESTLE Analysis
5. MARKET SEGMENTATION - BY LOCATION OF DEPLOYMENT
5.1 Onshore
5.2 Offshore
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 TotalEnergies SE
6.3.2 ExxonMobil Corporation
6.3.3 BP PLC
6.3.4 Eni SpA
6.3.5 Chevron Corporation
6.3.6 Sonangol P&P
6.3.7 Somoil SA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Angola Oil & Gas Upstream Industry Segmentation
The Angolan oil and gas upstream market report includes:
Angola Oil & Gas Upstream Market Research FAQs
What is the current Angola Oil and Gas Upstream Market size?
The Angola Oil and Gas Upstream Market is projected to register a CAGR of greater than 1.5% during the forecast period (2024-2029)
Who are the key players in Angola Oil and Gas Upstream Market?
ExxonMobil Corporation, TotalEnergies SE, Eni SpA, BP Plc and Chevron Corporation are the major companies operating in the Angola Oil and Gas Upstream Market.
What years does this Angola Oil and Gas Upstream Market cover?
The report covers the Angola Oil and Gas Upstream Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Angola Oil and Gas Upstream Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the major Opportunities in the Angola Oil and Gas Upstream Market?
The major Opportunities in the Angola Oil and Gas Upstream Market are a) Exploration and discovery of new oil and gas reserves b) Development and monetization of natural gas resources c) Integration of downstream industries for value addition d) Adoption of advanced technologies for efficiency and safety
Angola Oil and Gas Upstream Industry Report
The Angola oil and gas upstream market, a pivotal sector in the country's economy, significantly contributes to economic growth through government revenues, employment, and foreign investments. Primarily focused on the exploration, production, and extraction of oil and natural gas, this market has experienced substantial growth due to technological advancements and increased production capacities. Recognized as a top oil producer in Africa, Angola's market is driven by abundant reserves and government support through favorable policies and tax incentives. The market is segmented into exploration activities, production operations, services and equipment, and natural gas development, each playing a crucial role in the industry's ecosystem. Key market drivers include rising global energy demand and strategic international partnerships, while challenges such as price volatility and infrastructure deficits persist. Opportunities for growth are abundant in new exploration, natural gas development, and technological innovations, positioning Angola and its oil and gas upstream companies to potentially expand their market presence globally. For detailed statistics, market share, size, revenue growth rate, and a forecast outlook of the Angola Oil and Gas Upstream market, access a free report PDF download from Mordor Intelligence™ Industry Reports.
