Angola’s oil production is expected to increase by 3% this year, rising from 1.13 million barrels per day (bpd) in 2023 to 1.16 million bpd in 2024, according to British consultancy Oxford Economics.
Despite a slight drop in production in April, where output fell to 1.11 million bpd, 60,000 barrels less than the previous month, production has overall increased since the beginning of the year.
Oxford Economics forecasts that Angola’s oil production will maintain an upward trajectory, predicting a 3% increase for 2024.
Analysts from the London-based consultancy attribute this expected growth to Angola’s recent departure from OPEC and the initiation of two new projects.
“The country’s exit from OPEC and the start of two projects this year should help to ensure that oil production remains slightly above the current level for the rest of the year,” the analysts noted in a comment sent to investors.
While Angola is no longer bound by OPEC production targets, the consultancy cautioned that production losses could occur due to maintenance and the natural depletion of older wells.
However, these potential reductions are expected to be offset by the operational commencement of the Begónia well and Phase 3 of the CLOV project, both operated by TotalEnergies, by the end of the year. These projects could add approximately 300,000 bpd to Angola’s production capacity.
April’s production level of 1.11 million bpd aligns closely with OPEC’s proposed output for Angola in December, a factor that influenced Angola’s decision to leave the organization in pursuit of greater production autonomy.
