AOG 2026 Closes With Focus On Refining, Exploration And New Investment

(MENAFN- The Peninsula) Victor Bolorunduro | The Peninsula

Luanda, Angola: The seventh Angola Oil & Gas (AOG 2026) International Conference and Exhibition concluded yesterday in Luanda, marked by significant exploration announcements, multi-billion-dollar agreements and a notable role for QatarEnergy in advancing Angola's offshore ambitions.

The second and final day of the event at the Centro de Convenções de Talatona brought together senior government officials, oil majors, investors, financial institutions and industry experts for strategic and technical discussions on the future of Angola's energy sector.

The programme featured a strategic conference, leadership roundtables, technical sessions, business meetings and an exhibition showcasing technologies and services for the oil and gas industry. The official programme also included a contract-signing ceremony, highlighting AOG's role as a platform for converting investment discussions into concrete business opportunities.

One of the key themes of the closing day was the development of Angola's downstream sector. A leadership roundtable examined the importance of building downstream assets capable of reducing the country's dependence on imported petroleum products, while capturing greater value from domestic crude and potentially positioning Angola as a supplier of refined products to neighbouring markets.

Speaking during one of the sessions, Chairman of the Board of Sonangol, Angolan state-owned oil company, Sebastião Gaspar Martins noted that Angola is advancing financing discussions with international partners for its 200,000-barrel-per-day (bpd) Lobito Refinery.

“We are looking at obtaining financing from the Chinese, but we are also advancing financing in other regions,” Martins said.“We still have a lot of work to do in the development of the 200,000-bpd Lobito facility.”

Martins noted that Angola is still importing around 70% and need to increase its refining capacity.

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“Angola spends approximately $2bn on refined-product imports. Our objective is to have above 400,000 bpd refined locally,” he added.

The conference also turned attention to exploration, with a session examining advances in pre-salt exploration in the onshore Kwanza Basin through the KON-16 case study.

A further contract-signing session formed an important part of the day's business programme. The agreements followed major deals announced during the opening day, when the National Oil, Gas and Biofuels Agency (ANPG) formalised risk-service contracts covering deepwater Blocks 19, 34 and 35 with Shell, Equinor and Sonangol E&P. The contracts provide for exploration, appraisal, development and production activities, including seismic data reprocessing and the drilling of at least one exploration well.

The second day also followed significant announcements by TotalEnergies. The French energy major announced a new Acacia-5 oil discovery in Block 17, expected to add about 6,000 barrels per day, while also signing agreements to acquire a 40 percent operated interest in Blocks 17/25 and 32/21 in the Lower Congo Basin. The announcements came after TotalEnergies CEO Patrick Pouyanné said the company and its partners planned to invest $10bn in Angola over the next five years.

The exhibition remained an important side event throughout the closing day, giving international companies and Angolan businesses an opportunity to showcase technologies, establish contacts and explore commercial partnerships. AOG says the exhibition featured more than 50 technology and service providers.

Another important initiative was the Albina Faria de Assis Pereira Africano INP Scholarship, which highlighted the importance of education, skills development and human-capital investment in supporting the future of Angola's energy industry.

In one of the major highlights of the event, the Minister of Mineral Resources, Petroleum and Gas Diamantino Azevedo participated in a ministerial fireside chat, reiterating the government's commitment to contractual stability, legal certainty and a competitive business environment. Speakers repeatedly stressed the need to maintain hydrocarbon production while advancing a gradual and inclusive energy transition that incorporates natural gas alongside hydroelectric, solar, wind and biomass resources.

Earlier, the AOG Gala Dinner and Awards recognised companies and projects that have advanced exploration, investment, local participation and sustainable practices.

The conclusion of AOG 2026 underlined Angola's ambition to attract fresh capital, accelerate exploration, strengthen domestic refining and expand local participation while ensuring that the country's oil and gas resources generate greater economic value new exploration agreements, investment commitments and commercial partnerships emerging during the two-day gathering, AOG 2026 ended with a clear message that Angola is seeking to translate its considerable hydrocarbon potential into sustained production, industrial development and broader economic opportunities.

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