Angola Oil and Gas Upstream Companies (2024 - 2029)

Angola Oil and Gas Upstream Market Companies Summary

The Angolan oil and gas upstream market faced significant challenges due to the COVID-19 pandemic, which caused a significant decrease in the demand for crude oil. This made upstream activities economically unfeasible. However, the market is expected to recover post-pandemic, driven by factors such as government focus on the development of crude oil and natural gas assets, as well as the discovery of new reservoirs. Despite this, the high volatility of crude oil prices and the shift toward renewable energy sources for energy generation are expected to limit market growth. The offshore segment of the Angolan oil and gas upstream market is anticipated to witness significant growth in the coming years, due to the potential in Angola's offshore area in terms of crude and natural gas deposits. Meanwhile, the shift toward renewable energy sources for energy generation is likely to restrain the market. Despite being one of the largest sub-Saharan oil and gas producers, the country is making efforts to develop production acreages in the offshore region, which holds high potential. As part of this, significant improvements have been made in developing crude oil and natural gas reservoirs in the offshore segment. Despite these developments, the increasing adoption of renewable energy may limit the Angolan oil and gas upstream market during the forecast period.