Angola Oil and Gas Upstream Market Size (2024 - 2029)

The Angolan oil and gas upstream market is anticipated to experience growth, driven by government initiatives and new reservoir discoveries, despite challenges such as crude oil price volatility and a shift towards renewable energy sources. The market's expansion is expected to be particularly notable in the offshore segment, which holds significant potential for crude and natural gas deposits. Although the market faced setbacks due to the COVID-19 pandemic, recovery is projected as restrictions are lifted, contributing to an increase in market size over the forecast period.

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Market Size of Angola Oil and Gas Upstream Industry

Angola Oil and Gas Upstream Market- Market Summary
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

Angola Oil and Gas Upstream Market 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 Industry Segmentation

The Angolan oil and gas upstream market report includes:

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Angola Oil and Gas Upstream Market Size Summary

The Angolan oil and gas upstream market is poised for recovery and growth, driven by government initiatives to develop crude oil and natural gas assets and the discovery of new reservoirs. Despite the challenges posed by the COVID-19 pandemic, which significantly reduced crude oil demand and made upstream activities economically unviable, the market is expected to rebound as restrictions are lifted. Angola, a key OPEC member and one of the largest sub-Saharan oil and gas producers, is focusing on its offshore segment, which holds substantial potential for crude and natural gas deposits. Recent developments, such as the start of production from the Platina oil field by a British Petroleum subsidiary and the drilling of the ultra-deepwater Ondjaba-1 exploration well by TotalEnergies SE, highlight the significant opportunities in Angola's offshore region. However, the market faces challenges from the high volatility of crude oil prices and a global shift towards renewable energy sources.

Angola's economy has been heavily reliant on oil and gas, making it vulnerable to fluctuations in crude oil prices influenced by geopolitical factors. In response to environmental concerns and carbon emissions, Angola is increasingly investing in renewable energy, aiming to achieve a substantial portion of its energy capacity from renewable sources by 2025. The country has significant potential for solar, wind, and hydropower production, with ongoing projects like the Caraculo PV solar plant and the development of multiple photovoltaic plants. These renewable energy initiatives may pose a challenge to the growth of the oil and gas upstream market. The market is moderately consolidated, with major players such as ExxonMobil, TotalEnergies, Eni, BP, and Chevron actively participating. Recent strategic moves, including asset divestitures and potential mergers, indicate a dynamic market landscape as companies navigate the evolving energy sector.

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Angola Oil and Gas Upstream Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Angola Crude Oil and Gas Production, Historic and Forecast, till 2027

    3. 1.3 Active Rig Count, Angola, till 2021

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraint

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION - BY LOCATION OF DEPLOYMENT

    1. 2.1 Onshore

    2. 2.2 Offshore

Angola Oil and Gas Upstream Market Size FAQs

The Angola Oil and Gas Upstream Market is projected to register a CAGR of greater than 1.5% during the forecast period (2024-2029)

ExxonMobil Corporation, TotalEnergies SE, Eni SpA, BP Plc and Chevron Corporation are the major companies operating in the Angola Oil and Gas Upstream Market.

Angola Oil and Gas Upstream Market Report Snapshots

Angola Oil and Gas Upstream Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)