The Angolan government plans to invest over $60 billion in the oil sector over the next four years, aiming to maintain crude oil production above one million barrels per day by 2027.
This announcement was made by Paulino Jerónimo, Chairman of the Board of Directors of the National Agency for Oil, Gas and Biofuels (ANPG), during the Mineral Resources, Oil and Gas Investment Forum held in Cuanza Norte Province.
Jerónimo noted that between 2022 and 2024, Angola was producing around 600,000 barrels per day—a decline driven by a lack of investment amid the economic crisis. However, increased investment in the sector and structural reforms have helped double output, with the country currently producing approximately 1,024,000 barrels per day.
According to Angop, this recovery is the result of enhanced government investment and a revamped governance model, which includes a new strategy for hydrocarbon exploration.
At the same forum, Jacinto Rocha, Chairman of the National Agency for Mineral Resources (ANRM), emphasized the importance of strengthening the service and supply chain supporting the oil and gas industry.
“The sector is not limited to extractive companies,” Rocha explained. “We must also support and develop service providers and suppliers to participate in tenders and add value to the oil and mining sectors.”
Rocha underlined that non-extractive companies must organize themselves both technically and financially to contribute effectively to the sector’s growth. He stressed that this broader value chain has significant potential to generate employment and economic development.
Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, also addressed the forum, outlining the government’s strategic focus. “We are committed to maintaining oil production above one million barrels per day and attracting new operators through regular tenders and improved operational frameworks,” he stated.
He further emphasized Angola’s strategic shift toward natural gas and the broader energy transition, noting ongoing investments in solar energy and green hydrogen. “Achieving fuel self-sufficiency is another national priority,” Azevedo added.
This multi-billion-dollar investment plan reflects Angola’s dual commitment to stabilizing its oil production and embracing a diversified and sustainable energy future.
