Angola’s upstream regulator the National Oil, Gas & Biofuels Agency (ANPG) is pushing a $60 billion investment drive across its upstream oil and gas industry between 2025 and 2030, led by a series of ambitious E&P projects. According to the African Energy Chamber (AEC), the country is aiming to sustain oil production above 1 million bpd while diversifying the industry through non-associated gas development.
Angola’s upstream capital expenditure drive is largely accredited to the ANPG’s multi-year licensing strategy – launched in 2019 -, which laid the foundation for greater investment in both brownfield and greenfield blocks. Through this strategy, the ANPG aims to award 50 concessions by 2025, with 30 new concessions already awarded to date. Currently, the ANPG is preparing to launch its next licensing round in 2025, offering ten blocks for investment in the offshore Kwanza and Benguela basins.
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Beyond the multi-year licensing strategy, the ANPG has introduced a series of flexible investment structures that enable operators to invest in Angolan blocks out of the confines of traditional bid rounds. Through its permanent offer program, the ANPG has enticed spending across blocks that have not been awarded under the bid rounds. At present, up to 11 blocks are available on direct negotiation. Meanwhile, the country also launched five marginal fields for investment in 2024. These fields are suited for smaller players seeking near-term production and are situated in producing blocks with proven petroleum systems. The ANPG also introduced an Incremental Production Initiative in 2024, aimed at enticing investment in producing and maturing assets. The program features improved fiscals for operators seeking to reinvest in ageing assets and has already yielded positive results. Energy major ExxonMobil, for example, made a discovery at the Likember-01 well in 2024. This find represented the first under the initiative.
These investment structures have laid the groundwork for billion-dollar projects in Angola. Between 2025 and 2028, the country expects several major projects to come online. These include the Cabinda Oil Refinery (2025); the Agogo Integrated West Hub Development (2025); the New Gas Consortium’s non-associated gas project (2026); and the Kaminho Deepwater Development (2028). The country is also spearheading onshore exploration with the aim of revitalizing production across inland basins. A range of onshore contracts have been signed by the ANPG and international operators in recent months, covering strategic acreage in the onshore Kwanza and Lower Congo basins. The ANPG also signed deals with XTG and ReconAfrica for exploration rights in the frontier Etosha-Okavango basin, with the companies targeting play-opening discoveries.
As sub-Saharan Africa’s second largest oil producer, Angola is also making forays into non-associated gas development. With the majority of the country’s gas developed through associated projects, the country is targeting gas-focused exploration wells under efforts to enhance feedstock for the Angola LNG plant, increase LPG production and support long-term economic growth through gas-to-power, petrochemicals and job creation opportunities. In July 2025, project partners at Block 1/14 in the Lower Congo basin made a new gas discovery at the Gajajeira-01 exploration well. Initial assessments suggest reserves of up to one trillion cubic feet of gas and up to 100 million barrels of associated condensate. An upcoming Gas Master Plan – offering a comprehensive guide to investing in Angola’s gas industry – is expected to further support discoveries of this nature, affirming the country’s position as a major gas producer.
“The ANPG’s investment strategy is one that should be replicated across various African countries,” states Tomás Gerbasio, VP Commercial and Strategic Engagement, African Energy Chamber. “It’s multi-year licensing round offers recurring opportunities for companies to invest in onshore and offshore blocks while its permanent offer program introduces flexibility for operators. Marginal fields entice smaller players to invest while incremental production encourages spending in producing assets. This strategy has already led to large-scale projects and will continue to strengthen Angola’s oil and gas market for years to come.”
Distributed by APO Group on behalf of African Energy Chamber.
