Angola is holding steady with its crude oil production at 1.1 million barrels per day (bpd), matching levels seen before its exit from OPEC. This production rate is expected to be sustained until at least 2027.
Since reaching a peak of 2 million bpd in 2008, crude oil output in Angola, the second-largest producer in Africa, has experienced a gradual decline. To offset this decline, the country has shifted its focus towards increasing natural gas production.
José Barroso, Angola’s secretary of state for oil and gas, emphasized this commitment at CERAWeek, stating, “Our aim is at least to maintain this level of production until 2027-2030.”
Barroso highlighted Angola’s aggressive efforts to attract investors, noting that increased competition, fueled by new discoveries in regions like Guyana, has led to a surge in interest in mature assets in Angola.
Angola’s decision to exit OPEC in 2023 stemmed from a disagreement over production quotas that restricted its plans to stabilize crude production above 1 million bpd.
This move reflects the country’s determination to assert greater control over its oil industry amidst shifting global dynamics.
SOURCE:africanenergycouncil.org
