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.
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.