Angola to Boost Oil Exploration to Maintain Production Above One Million Barrels Per Day
Angola’s Secretary of State for Oil and Gas, José Barroso, has confirmed that the country plans to increase investment in oil exploration to halt the decline in production and sustain output above one million barrels per day.
Speaking on the sidelines of the Angola Oil & Gas conference launch, Barroso emphasised that the government’s priority is reversing the downward trend in crude production and maintaining stable output levels.
“To achieve this, we must invest in exploration,” he said, noting the recent return of companies such as Shell, which has signed agreements with the National Agency of Petroleum, Gas and Biofuels (ANPG), Equinor, and Sonangol for the exploration of 17 offshore blocks.
Barroso stressed that attracting new companies and encouraging existing investors to expand exploration activities is essential. “Without exploration, we will not be able to maintain production at current levels for long,” he said.
He noted that major international oil companies, including TotalEnergies, Azule Energy a joint venture between Eni and BP and Chevron, continue to invest in advanced technologies and exploration projects to enhance production from existing assets and discover new reserves.
Addressing global geopolitical concerns, Barroso said Angola must focus on internal factors it can control, such as creating favourable market conditions and a legal and fiscal framework that meets investor expectations.
He added that geopolitical events primarily influence global oil prices, which the country cannot directly control.
On the energy transition, Barroso highlighted the importance of adopting more environmentally friendly technologies and operational practices, while noting that natural gas development is intended to complement, not replace, oil production. “It’s about diversifying the energy matrix, where oil and gas have equal importance,” he said.
The Angola Oil & Gas event, organised by Energy Capital & Power, serves as a strategic platform for policymakers, operators, financiers, and service providers to define the direction of the country’s hydrocarbon sector over the next five decades.
Organisers emphasise that Angola’s business environment, including multi-year licensing rounds, a permanent offer regime, and opportunities in marginal fields, ensures regular access to new exploration blocks.
Upstream investment in oil prospecting, exploration, and production is projected to reach $70 billion in the coming years.
