Angola Targets Oil Production Above 1 Million Barrels Per Day as Government Calls for More Investment
Angola’s government has called on oil companies operating in the country to increase crude oil production beyond one million barrels per day, as the country seeks to build on recent efforts to stabilise output and attract further investment into its petroleum sector.
Minister of Mineral Resources, Petroleum and Gas Diamantino Azevedo made the appeal in Luanda on Monday, 31 August, during a ceremony marking the 32nd anniversary of operations at Block 15, an offshore asset operated by ExxonMobil Angola.
According to the minister, Angola has overcome the immediate challenge of stabilising oil production and must now focus on increasing output by encouraging operators to invest more in existing and new developments.
“The challenge now” is to determine what more can be done to raise production, Azevedo said, noting that Angola still has significant potential that can be developed.
Government Calls for Greater Investment
Azevedo said the government is satisfied with the performance of oil companies in areas including production, social investment and the participation of Angolan nationals in the sector.
However, he stressed that reaching existing targets should not mark the end of the country’s ambitions.
The minister urged operators to increase investment, explore opportunities in additional blocks and work closely with Angola’s oil sector regulator to identify new areas for development.
The government is also preparing executive decrees covering new offshore and onshore blocks, which will subsequently be made available to potential investors and partners.
Azevedo said several onshore areas are being considered because of their potential for additional oil reserves, highlighting the amount of work still required to expand Angola’s upstream industry.
Focus on Local Content
The minister also emphasised the need for greater participation by Angolan companies in the oil and gas value chain.
He pointed to Block 15 as an example, saying the project has reached approximately 95% Angolanisation.
Azevedo nevertheless called for more Angolan service providers to participate in the sector, arguing that increasing local participation is a shared responsibility between international operators and domestic companies.
He encouraged Angolan businesses to be more ambitious in pursuing opportunities linked to oil and gas production, services and other areas of the petroleum value chain.
The minister also called for greater attention to the quality and impact of social projects undertaken by oil companies, urging stakeholders to adopt a more coordinated approach.
Block 15 Extends Operations
Block 15 is located in deep waters approximately 145 kilometres off Angola’s northern coastline. The block has produced around 2.7 billion barrels of oil since operations began.
ExxonMobil operates the block alongside partners Azule Energy, Equinor and Sonangol.
Its operating licence has been extended to 2037, supported by an investment programme of approximately $3 billion.
The continued development of Block 15 forms part of Angola’s broader strategy to sustain oil production, attract new investment and maximise the economic benefits of its petroleum resources.
With new offshore and onshore blocks expected to become available, the government is now looking to convert Angola’s remaining exploration potential into higher production and greater participation by local companies across the industry.
