Angola has announced a new offshore oil discovery in Block 15, and signaled ambitions to attract $70 billion in investment across oil, gas and energy infrastructure in the next five years.
The discovery at the Vicango Este‑01 exploration well was confirmed on September 9 by the National Agency for Petroleum, Gas and Biofuels (ANPG), ExxonMobil Angola and Block 15 partners during the opening of the 7th Angola Oil & Gas International Conference and Exhibition (AOG 2026) in Luanda, according to the Angola Press Agency (ANGOP).
The well, drilled by the Valaris DS‑9 drillship in 940 metres of water about 370 km northwest of Luanda, encountered roughly 25 meters of high‑quality, hydrocarbon‑bearing sandstone with reported porosity of 22 percent.
It marks the 20th discovery in Block 15 over three decades and the third in the last four years, reinforcing the block’s status as one of Angola’s most prolific deepwater areas after producing more than 2.7 billion barrels since 2003.
On the same day, Minister of State for Economic Coordination José de Lima Massano said Angola has invested approximately $99 billion in its oil sector over the past nine years, funding 38 exploration wells that yielded 16 discoveries.
He added that 72 new concessions have been negotiated, with 44 already signed and 28 awaiting approval, underscoring ongoing efforts to expand the exploration frontier and replenish reserves.
ANPG Executive Director Artur Custódio said the country expects more than $70 billion in investment across oil, gas and energy infrastructure over the next five years, noting that capital has become more selective and that investors are prioritizing fiscal predictability, contractual stability and faster execution.
He said ANPG is refining contractual frameworks and evaluating a long‑term hydrocarbon strategy through 2050 to streamline concession awards and attract foreign backing.
AOG 2026, held under the theme “Investing in Angola’s Future,” drew at least 3,500 delegates, a 30 percent increase from last year, according to African Energy Chamber President Sérgio Pugliese.
The event featured thematic panels, cooperation agreements and discussions spanning exploration and production, gas development, downstream projects, financing, infrastructure, decommissioning and the role of artificial intelligence and digitalization in improving efficiency and safety.
