Angola Pushes $60 Billion Investment Drive with New Licensing Strategy
Angola’s National Oil, Gas & Biofuels Agency (ANPG) is spearheading a massive $60 billion investment campaign across its upstream oil and gas sector from 2025 to 2030, driven by ambitious exploration and production projects. The West African nation aims to sustain oil production above 1 million barrels per day while diversifying through non-associated gas development.
The investment surge stems from ANPG’s multi-year licensing strategy launched in 2019, which has laid the groundwork for increased investment in both brownfield and greenfield blocks. Through this approach, ANPG targets awarding 50 concessions by 2025, with 30 new concessions already allocated. The regulator is now preparing to launch its next licensing round in 2025, offering ten blocks for investment in the offshore Kwanza and Benguela basins.
Beyond traditional bid rounds, ANPG has introduced flexible investment structures including a permanent offer program that has attracted spending across 11 blocks available for direct negotiation. The country also launched five marginal fields for investment in 2024, targeting smaller players seeking near-term production from proven petroleum systems.
The agency’s Incremental Production Initiative, introduced in 2024, offers improved fiscal terms for operators reinvesting in aging assets and has already shown positive results. Energy major ExxonMobil made a discovery at the Likember-01 well in 2024, marking the first success under this initiative.
Several major projects are scheduled to come online between 2025 and 2028, including the Cabinda Oil Refinery (2025), the Agogo Integrated West Hub Development (2025), the New Gas Consortium’s non-associated gas project (2026), and the Kaminho Deepwater Development (2028).
As sub-Saharan Africa’s second-largest oil producer, Angola is also making significant advances in non-associated gas development. In July 2025, project partners at Block 1/14 in the Lower Congo basin made a new gas discovery at the Gajajeira-01 exploration well, with initial assessments suggesting reserves of up to one trillion cubic feet of gas and up to 100 million barrels of associated condensate.
Source: worldoil.com
