Angola Emerges as Premier Deepwater Destination as Oil Majors Bet Big on South Atlantic Geology
Global deepwater investment is entering a transformative new cycle, and Angola is positioning itself at the center of this shift as international oil majors increasingly turn to the southern African nation for long-term growth opportunities. As one of Africa’s largest deepwater producers, Angola is attracting renewed attention thanks to decades of offshore success, a forward-looking exploration strategy, and geology comparable to some of the South Atlantic’s most prolific basins.
Angola’s strategic position on the South Atlantic margin underscores both its prospectivity and enduring attractiveness. The margin, stretching across the coastal basins of western Africa and eastern South America, has drawn significant interest in recent years following a string of major discoveries. In 2024 alone, 20 of the world’s 39 high-impact wells targeting prospects of up to 250 million barrels of oil equivalent were drilled along this margin, reinforcing Angola’s upside potential and strengthening the case for new investment.
What distinguishes Angola from other African producers is its geological similarities to Brazil, one of the world’s most prolific deepwater markets. Brazil is home to the Lula oilfield in the Santos Basin, the world’s largest producing ultra-deepwater field, and is expected to drill more than 600 wells by 2030, with national production forecast to reach 4.9 million barrels per day by 2032. The same salt tectonics and conjugate-margin petroleum systems underpinning Brazil’s pre-salt success continue to shape Angola’s offshore potential, particularly in deeper plays and underexplored fairways.
Angola’s deepwater momentum is reflected in the caliber of companies making substantial commitments. International operators are advancing investments across both Brazilian and Angolan margins, signaling confidence in the broader South Atlantic system. In Brazil, ExxonMobil and Chevron secured deepwater acreage through the country’s latest licensing round and are pursuing 2026 drilling programs aimed at converting geological promise into commercial projects.
Those same majors are expanding significantly in Angola. ExxonMobil is advancing exploration in the Namibe Basin, complementing its deepwater Blocks 15, 17 and 32, and in 2025 extended the life of Blocks 15 and 17. Chevron, meanwhile, completed seismic acquisition on Blocks 49 and 50 in 2025 after signing Risk Service Contracts in 2024. Located in the ultra-deep waters of the Lower Congo Basin, the blocks benefit from proximity to producing Block 17.
New entrants are reinforcing the investment trend. Shell’s return, formalized through an exploration agreement for Blocks 19, 34 and 39 in the Kwanza Basin in November 2025, marked the company’s first major exploration commitment in two decades. Brazil’s Petrobras signed a memorandum of understanding in March 2025 to jointly study offshore acreage, while BW Energy entered Angola with the acquisition of stakes in Blocks 14 and 14K. Collectively, these milestones point to a market shifting toward accelerated deepwater development.
Angola is systematically laying the groundwork for sustained investment across its deepwater margins. Through its multi-year licensing round covering 2019 to 2025, the country negotiated 64 blocks, with 37 awarded and 27 under approval or negotiation. The final phase, expected shortly, includes deepwater acreage in the Kwanza and Benguela basins. To help de-risk exploration, data and technology providers are expanding coverage, with Viridien launching a new multi-client reimaging program over Block 22.
Coupled with competitive fiscal terms and strong political support, these initiatives strengthen Angola’s appeal as a strategic deepwater jurisdiction. Looking forward, Angola’s investment proposition is becoming structural: a mature deepwater ecosystem built over decades, a pipeline of investable acreage, and greater clarity around licensing, contracting and development timelines. For majors balancing diverse portfolios, Angola increasingly stands out as capable of sustaining base production while opening pathways for expansion across the broader South Atlantic margin.
Source: energycapitalpower.com
