Angola’s Oil Production Climbs Above 1 Million BPD as New Licensing Round Approaches

Angola’s Oil Production Climbs Above 1 Million BPD as New Licensing Round Approaches

Angola’s crude oil production has rebounded above the critical 1 million barrels per day threshold, rising to 1.03 million bpd in August from 998,757 bpd in July, according to the National Agency for Petroleum, Gas and Biofuels. This recovery underscores the government’s strategic push to sustain output levels following the country’s 2023 exit from OPEC.

The production milestone aligns with Angola’s strategy to stabilize output near 1 million bpd, a threshold viewed as essential for maintaining investment momentum in the country’s upstream sector. Officials have confirmed plans to launch a new licensing round by the fourth quarter of 2025, which will be the final offering under a comprehensive multi-year strategy introduced in 2019.

The original strategy aimed to award 50 exploration and production concessions across Angola’s offshore and onshore basins. The licensing program has been central to Angola’s efforts to attract international operators, reverse output declines, and unlock new reserves. The upcoming round is expected to generate significant interest as global majors and independents seek to expand their positions in frontier acreage.

As sub-Saharan Africa’s third-largest oil producer, Angola continues to balance production stability with new exploration activity to secure long-term energy growth. The recent recovery above 1 million bpd highlights both the progress achieved and the urgency of sustaining investment as competition for capital intensifies across the global upstream landscape.

Source: worldoil.com