Angola Oil & Gas Report

Providing expert analysis, independent forecasts and competitive intelligence on the oil and gas industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Oil & Gas Risk Reward Index, Market Summary, Economic Forecasts, Company Profiles, Competitive Landscape and Global and Regional Overview.

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Angola Oil & Gas Report
Product Price
$1,295.00

BMI View : Angola is among the most resilient of Africa's oil producers against sustained lower oil prices. This is due to a strong projects pipeline - with several major developments post-FID - and highly prospective deepwater acreages. However, we see downside to output post-2020, due to rapid decline rates at major maturing fields and prospective delays to projects which are pre-FID. Gas production will remain limited throughout our 10-year forecast period due to low levels of domestic consumption and unfavourable pricing dynamics and demand constraints in key export markets.

Headline Forecasts (Angola 2013-2019)
2013e 2014e 2015f 2016f 2017f 2018f 2019f
e/f = BMI estimate/forecast. Source: EIA, BMI
Crude, NGPL & other liquids prod, 000b/d 1,842.7 1,757.0 1,851.5 2,022.7 2,189.8 2,270.7 2,305.0
Dry natural gas production, bcm 1.2 1.7 0.5 4.7 6.5 6.8 7.0
Dry natural gas consumption, bcm 0.8 0.8 0.5 0.5 0.6 0.6 0.6
Refined products production, 000b/d 43.0 43.8 45.6 47.0 48.4 89.5 178.9
Refined products consumption & ethanol, 000b/d 133.0 136.1 142.3 148.7 155.0 161.7 168.5
Brent, USD/bbl 108.70 99.50 55.00 54.00 53.00 60.00 64.00

Latest Updates A nd Key Trends:

  • Angola will see continued exploration of its prospective offshore waters. However, we expect a slowdown in high-cost, high-risk ultra-deepwater and pre-salt drilling as companies look to rein in capital expenditure and exercise tighter fiscal discipline.

  • Oil production is set for strong growth over coming years, as a number of major new projects are brought online. Post-2020, production growth will slow, due to rapid natural decline rates at producing fields and tightening investment in a lower oil price environment.

  • Gas production levels will remain low, and heavily linked to LNG exports. Looseness in the global LNG market and a lack of long-term sales agreements will depress demand for Angolan LNG, constraining both production and export levels across our 10-year forecast period.

  • Consumption growth will remain robust for both oil and gas, albeit from a comparatively low base.

  • Export revenues will come under pressure coming years, due to the sharp and sustained drop in oil prices, underutilisation of the LNG export terminal and the decline in oil-linked LNG prices.

BMI Industry View
7
Table: Headline Forecasts (Angola 2013-2019)
7
SWOT
8
Industry Forecast
9
Upstream Exploration
9
Latest Updates
9
Structural Trends
9
Upstream Projects
11
Table: Angola's Major Upstream Projects
11
Upstream Production - Oil
18
Latest Updates
18
Structural Trends
18
Table: Angola Key Projects Pre-FID
21
Table: Oil Production (Angola 2013-2018)
22
Table: Oil Production (Angola 2019-2024)
22
Upstream Production - Gas
23
Latest Updates
23
Structural Trends
23
Table: Gas Production (Angola 2013-2018)
26
Table: Gas Production (Angola 2019-2024)
26
Refining
26
Latest Updates
26
Structural Trends
26
Table: Refining Capacity and Refined Products Production (Angola 2013-2018)
28
Table: Refining Capacity and Refined Products Production (Angola 2019-2024)
29
Refined Fuels Consumption
29
Latest Updates
29
Structural Trends
29
Table: Refined Products Consumption* (Angola 2013-2018)
32
Table: Refined Products Consumption* (Angola 2019-2024)
32
Gas Consumption
32
Latest Updates
32
Structural Trends
32
Table: Gas Consumption (Angola 2013-2018)
34
Table: Gas Consumption (Angola 2019-2024)
34
Trade - Oil
34
Latest Updates
34
Crude Oil Trade Forecasts
34
Table: Crude Oil Net Exports (Angola 2013-2019)
36
Table: Crude Oil Net Exports (Angola 2019-2024)
36
Fuels Trade Forecasts
37
Table: Refined Fuels Net Exports (Angola 2013-2018)
38
Table: Refined Fuels Net Exports (Angola 2019-2024)
38
Trade - Gas (Pipeline And LNG)
38
Latest Updates
38
Structural Trends
38
Table: Gas Net Exports (Angola 2013-2018)
40
Table: Gas Net Exports (Angola 2019-2024)
41
Industry Risk Reward Index
42
Angola - Risk/Reward Index
42
Angola Upstream - Overview
42
Angola Downstream - Overview
42
Africa Oil & Gas Risk/Reward Index
42
Table: BMI's Africa Oil & Gas Risk/Reward Index
43
Above-Ground Risks Dulling Below-Ground Potential
45
Table: BMI's Africa Upstream Risk/Reward Index
45
Downstream Sector Holds Limited Opportunity
48
Table: BMI's Africa Downstream Risk/Reward Index
48
Market Overview
51
Angola Energy Market Overview
51
Fiscal Regime
51
Table: Angola MPSA Main Fiscal Terms
51
Licensing Regime
52
Table: Angola MPSA Main Contract Terms
52
Licensing Rounds
52
Table: Angola 2015 Onshore Bid Round
52
Oil And Gas Infrastructure
53
Oil Refineries
53
Table: Angola Oil Refineries
53
Oil Storage Facilities
53
Table: Angola Onshore Oil Storage Facilities
53
Oil Trade Facilities
54
Table: Angola Oil Trade Facilities
54
LNG Terminals
55
Table: Angola LNG Terminals
55
Competitive Landscape
56
Competitive Landscape Summary
56
Table: Key Players In Angola's Oil & Gas Sector
58
Table: Key Upstream Players
58
Table: Key Downstream Players
58
Company Profile
59
Sonangol
59
Chevron
65
Esso Exploration Angola
70
BP Angola
73
Total Exploration Angola
77
Eni Angola Production
82
Other Summaries
87
Regional Overview
93
Africa - Bullish Gas, Bearish Oil
93
Glossary
101
Table: Glossary Of Terms
101
Methodology
103
Industry Forecast Methodology
103
Source
105
Risk/Reward Index Methodology
105
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
107
Table: Weighting
108

The Angola Oil & Gas Report has been researched at source and features BMI Research's independent forecasts for Angola including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.

BMI's Angola Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Angolan oil and gas industry.

Key Benefits

  • Benchmark BMI's independent oil and gas industry forecasts for Angola to test consensus views - a key input for successful budgeting and strategic business planning in the Angolan oil and gas market.
  • Target business opportunities and risks in the Angolan oil and gas sector through reviews of latest industry trends, regulatory changes and major deals, projects and investments in Angola.
  • Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.

Coverage

BMI Industry View

Summary of BMI’s key forecasts and industry analysis, covering oil and gas reserves, supply, demand and refining, plus analysis of landmark company developments and key changes in the regulatory environment.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the upstream and downstream sectors and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series and forecasts to end-2024 for all key industry indicators, supported by explicit assumptions, plus analysis of key downside risks to the main forecast:

  • Pricing: Oil price (USD/bbl, WTI, Brent, OPEC basket, Urals); oil products prices (unleaded gasoline, gasoil/diesel, jet/kerosene – USD/bbl) at global hubs.
  • Production, Consumption, Capacity & Reserves: Proven oil reserves (bn barrels), production, consumption, refinery capacity and throughputs (‘000b/d); proven gas reserves (tcm), production and consumption (bcm) and fuels trade.
  • Imports & Exports: Crude oil exports/imports (‘000s b/d) and value of crude oil trade in USD. Fuels exports/imports (‘000s b/d) and value of fuels trade in USD. Natural gas imports/exports (bcm), by pipeline and/or LNG, and value of natural gas trade.

BMI’s Oil & Gas Risk Reward Index

BMI’s Risk Reward Indices provide investors (independents, NOCs, IOCs, oil services companies) looking for opportunities in the region with a clear country-comparative assessment of the upstream and downstream market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide indices of highest to lowest appeal to investors, with each position explained.

Market Overview

A profile of the upstream and downstream sectors, including analysis of reserves, output, consumption and trade of energy products; overview of the industry landscape and key players; assessment of the business operating environment and the latest regulatory developments.

Competitive landscape

Comparative company analyses by USD sales, % share of total sales, number of employees, year established, ownership structure, oil production (‘000b/d), gas production (bcm), downstream capacity (‘000b/d) and % market share.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI’s industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape to generate Company SWOT analyses. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

Regional Overview

Regional perspective on size and value of the industry. Plus comparative rankings by production, refining, imports and exports of oil, gas and LNG.

Global Oil Market & Oil Products Outlook

Based on our country coverage of over 99% of global oil and gas production and consumption, BMI provides demand, supply and price forecasts to end-2024 for oil, gas and oil products.

Sources

The Oil & gas Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.