Angola Secures $72 Billion in Oil Concession Investments to Boost Production and Drive Energy Transition by 2029
Angola expects to attract $72 billion in investments for oil concessions already awarded between 2025 and 2029, according to Minister of Mineral Resources, Oil and Gas Diamantino Azevedo.
Speaking at the opening of the Angola Oil & Gas 2025 Conference in Luanda, Azevedo noted that Angola received $84 billion in investments between 2017 and 2024 across active concessions and new contracts.
He credited this inflow to legal and institutional reforms that made the country more competitive and appealing to foreign capital.
So far, 35 oil blocks have been awarded: 18 in the Lower Congo Basin, 11 in the Kwanza Basin, and six in the Namibe Basin. Contracts for 13 more concessions are still awaiting approval.
The government’s goal is to sustain oil production above one million barrels per day by 2027, despite years of decline.
“Since 2016, production has fallen by as much as 15 percent annually due to outdated governance models, aging fields, a lack of modern legislation, limited exploration, and growing global competition for investment,” Azevedo explained.
He noted that a cycle of structural reforms launched in 2017 under President João Lourenço has begun reversing these trends.
Current projects include the Agogo field (Block 15/06), CLOV Phase 3 (Block 17), Begonia (Block 17/06), and the Kaminho project (Block 20/11) — the first offshore development in the Kwanza Basin, with local construction underway at the Petromar shipyard in Ambriz.
In addition, exploration wells in Blocks 15, 17, and 1/14 have delivered commercial discoveries exceeding 80 million barrels of oil and over one trillion cubic feet of gas, based on preliminary estimates.
Azevedo also highlighted the work of the New Gas Consortium, which is advancing the Quiluma and Maboqueiro fields and building on the recent Gajajeira-1 discovery.
These developments, he said, will boost Angola’s capacity to use natural gas for power generation, fertilizers, and petrochemicals.
Looking ahead, the minister stressed that these initiatives not only consolidate Angola’s oil and gas sector but also prepare the country for a balanced energy transition, with plans to expand into biofuels, solar power, and green hydrogen.
