Angola is gearing up for a significant boost in drilling activity in 2024, with plans to spud 43 wells, reflecting a 16% increase compared to the previous year. The country has set ambitious targets for a near-term production surge to reach 1.2 million barrels per day, and this will be facilitated by the expansion of the well pipeline, contributing to an overall increase in output.
The planned drilling activities for 2024 mark a noteworthy advancement, with a six-well increment from the 37 wells drilled in 2023. The impetus for exploration is expected to escalate following the results of the most recent bid round. This round, a 12-block tender for the Lower Congo and Kwanza onshore basins, was announced in January 2024.
In addition to the surge in drilling, the projections for the oil sector in Angola are optimistic, with an estimated injection of up to $71 billion over the next five years. These investments are directed not only towards sustaining current operations but also towards initiatives aimed at achieving incremental production.
The National Oil, Gas, and Biofuels Agency, Angola’s state-owned regulator, disclosed that a substantial $50 billion has already been invested since 2019. Notably, capital expenditure between 2022 and 2023 witnessed an impressive 96% increase, indicating a robust commitment to the growth and development of the country’s oil industry.
