Angola’s national oil and gas agency signed an exclusive negotiation agreement with Shell on November 3 to explore and develop Blocks 19, 34, and 35, along with several ultra deep water blocks, marking what officials describe as a historic moment for the country’s struggling petroleum sector.
According to the National Agency for Petroleum, Gas and Biofuels, production rose to 1.03 million bpd in August from 998,757 bpd in July. The rebound aligns with Angola’s strategy to stabilize production near 1 million bpd, a threshold viewed as critical for maintaining investment momentum in the country’s upstream sector.
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.
Block 3/24 covers 545 square kilometres and contains five oil and gas discoveries – Cefo, Goulongo, Kuma, Palanca North East and Quissama – as well as the previously developed Canuku field cluster, which has produced up to 12,000 bopd.
Eni-BP joint venture Azule Energy will invest $5 billion in Angola over the next five years and drill 18 wells, with two-thirds operated by the company, according to a Reuters report on Wednesday. The spending is comparable to Azule’s outlays since the JV launched in 2022 and centers on sustaining output from core offshore assets.
Azule Energy is currently developing the Agogo integrated oilfield project in Block 15/06 and the Quiluma and Maboqueiro gas project, Angola’s first non-associated gas development. The company also holds stakes in 16 licences and operates more than 200,000 boepd in production.
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The Seadrill-owned West Gemini received a 284-day contract with Sonangol Exploração & Produção, beginning in late 2025 or early 2026. The Sonangol Libongos, owned by Sonangol, secured a 525-day contract with Azule Energy Angola, scheduled to begin in the third quarter of 2025 with priced options for extension.
Angolan oil producer Etu Energias is pursuing accelerated oil production in Angola, with advancements in onshore exploration and offshore development positioning it to achieve its 80,000 bpd goal.
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.