Angola Pushes for Onshore Investment Amid Production Decline
Angolan President João Lourenço has urged energy companies to increase investment in onshore oil fields as the country battles sustained crude production decline. Angola’s output dropped below one million barrels per day in July, threatening state revenues that fund over 90% of exports.
The government is finalizing a new licensing plan covering 2026-2030, which will include both offshore blocks and inland basins, according to Paulino Jeronimo, head of the Angolan Agency for Oil, Gas and Biofuels. Authorities plan to shorten concession award timelines to attract more exploration drilling.
BP Chief Executive Officer Murray Auchincloss indicated that the company’s offshore West Hub project could reach 175,000 barrels per day at peak production, helping Angola maintain output near the one million-barrel threshold. Angola has awarded numerous blocks but drilled only a handful of wells, highlighting the need for enhanced exploration incentives.
Source: Bloomberg
