The new licenses are intended to boost Angola’s oil production and maintain output above 1 million bopd beyond 2026. Azevedo stated that the round marks the final phase of a licensing strategy initiated in 2019 to award 50 concessions and counteract declines in oil productivity due to falling yields in mature wells.
“The development of the project mainly leverages the adjacent existing facilities of the Wenchang Oilfields, with addition of a new jacket platform integrating functions such as oil and gas production, offshore drilling and completion operations as well as personnel accommodation”, CNOOC Ltd, the sole developer, said in a statement on its website. It plans to develop 15 wells.
Ghana is set to host the 31st edition of AOW:Energy, the flagship event for Africa’s oil, gas, and energy sector, from 15th to 18th September 2025 in Accra, under the auspices of the Ministry of Energy and Green Transition and the Petroleum Commission
The performance reflects stable global oil prices and adherence to the Petroleum Revenue Management Act, managed by the Bank of Ghana. This revenue stream supports fiscal resilience under President Mahama’s administration amid broader economic recovery efforts.
Rising tariffs have introduced uncertainty about the global economy and, in turn, global oil demand. Additionally, OPEC supply increases have pressured prices and free cash flow. With a larger share of that cash flow earmarked for shareholder distributions and debt service, the trade-off gets trickier when prices fall: Cut capital expenditures and risk future volume declines, or sacrifice dividends and turn off investors.
This year, production is set for a record annual average of 3.5 million bpd, up by 5% compared to the 2024 output, while oil sands volumes are expected to top 3.9 million bpd by 2030, per S&P Global Commodity Insights. The projection for 2030 is 500,000 bpd higher compared to the 2024 production level and is 100,000 bpd – or almost 3% — higher compared to the previous 10-year outlook.
Considering that “very few new developments have occurred since 2022”, it is not surprising that a moderate decline in investments in field development is indicated this year. But this decline in investment in field development is being offset by expectations of a very high planned investment activity in fields on stream, the statistics office said.
Last week, eight OPEC+ countries announced they would phase-out voluntary oil output cuts by ramping up output by 411,000 barrels per day in May–equivalent to three monthly increments. In other words, the Saudis are signaling they might be willing to give up their long-time role as OPEC’s swing producer in an attempt to take a tougher stance against countries that continue to violate the output pact, most notably Kazakhstan, the UAE and Iraq.
OneSource Professional Search describes itself on its website as an executive and technical search firm. Mount told Rigzone that the business focuses primarily on U.S. oil and gas jobs or companies that are based in the U.S. with international operations. Mount also highlighted to Rigzone that OneSource Professional Search was acquired by Boston-based Xenspire Group in September 2024.
Despite the growing emphasis on natural gas with international majors exploring and putting online gas projects and LNG export facilities around Africa, projections indicate that liquid hydrocarbons will still hold the lion’s share of capex, attracting 60% of the total investment through 2030. But natural gas is gradually gaining ground and its share of annual expenditure is set to increase from around 30% in 2023 to more than 40% by the end of the decade, the African Energy Chamber’s report says.