Angola’s oil production fell below the million-barrels-a-day level for the first time since it quit OPEC two years ago.
Crude output declined to 998,757 bpd in July, the lowest level since March 2023, when average monthly production last dropped to six figures, according to Angola’s National Agency for Petroleum and Gas data.
As Angola celebrates 50 years of independence, the Energy Leaders’ Summit will shed light on the energy sector’s role in driving the country’s socio-economic development. From early offshore discoveries to major infrastructure projects, Angola has consolidated its position as one of Africa’s most dynamic energy markets. Recent developments signal a new chapter shaped by strategic investments in mature fields, the momentum of local operators’ expansion and IOC initiatives that are driving the decarbonisation of upstream operations.
Angola’s upstream regulator the National Oil, Gas & Biofuels Agency (ANPG) is pushing a $60 billion investment drive across its upstream oil and gas industry between 2025 and 2030, led by a series of ambitious E&P projects. According to the African Energy Chamber (AEC), the country is aiming to sustain oil production above 1 million bpd while diversifying the industry through non-associated gas development.
In Block 32, TotalEnergies, with a 30 percent operating ownership, said 2024 it would continue drilling development wells through the third quarter of 2025 including three infill wells of Kari Phase 1. It said it was assessing potential additional developments in discoveries in the central and northern areas of the block. Block 32 is already in production through FPSOs Kaombo Norte and Kaombo Sul.
Angola has made a major natural gas discovery, marking a breakthrough in the country’s efforts to diversify its fossil fuel production. Azule Energy, a joint venture between BP Plc (NYSE:BP), Eni S.p.A. (NYSE:E) and a group of Angolan companies successfully drilled the country’s first dedicated gas exploration well in the Lower Congo Basin, with preliminary estimates suggesting the reserve holds more than 1 trillion cubic feet of natural gas and up to 100 million barrels of condensates.
The agreement extends the licence to 2037, supports the further development of the block’s remaining resources and prolongs the production and design life of the Kizomba A, Kizomba B, Mondo and Saxi-Batuque FPSOs.
The IRDP said prices of other fuels, including gasoline and liquefied-petroleum gas, will remain unchanged in Angola, Africa’s third-largest oil producer. The IMF said in February that Angola should do more to eliminate subsidies that cost about $3 billion last year — similar to the amount the government spent on health and education last year.
The event was held as US trade rival China seeks to extend its influence on the continent by offering to remove levies on imports from almost all African countries, while America threatens reciprocal tariffs after a 90-day pause ends on July 9. The US has also cut aid to the continent and banned travel from certain African nations.
Afentra and M&P will each acquire 50% of Etu Energias’ 10% non-operated interest in Block 3/05 and 13.33% non-operated interest in Block 3/05A. The buyers will each pay an initial consideration of USD 23 million, consisting of USD 22 million for Block 3/05 and USD 1 million for Block 3/05A.
TotalEnergies, as operator of Block 17, has worked with partners to develop the block into a cornerstone of Angola’s oil production for more than 20 years. The renewed PSC allows for the continued use of existing infrastructure and technological expertise to support value creation from mature oilfields.