Above image: TotalEnergies
(Bloomberg) – Angola’s crude oil production climbed back above the 1 million barrels per day (bpd) mark in August, underscoring the government’s push to sustain output levels following its 2023 exit from OPEC.
Angolan Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo
According to the National Agency for Petroleum, Gas and Biofuels, production rose to 1.03 million bpd in August from 998,757 bpd in July. The rebound aligns with Angola’s strategy to stabilize production near 1 million bpd, a threshold viewed as critical for maintaining investment momentum in the country’s upstream sector.
Officials confirmed plans to launch a new licensing round by the fourth quarter of 2025. This round will be the final offering under a multi-year strategy introduced in 2019 that aimed to award 50 exploration and production concessions across Angola’s offshore and onshore basins.
The licensing program has been central to Angola’s efforts to attract international operators, reverse output declines, and unlock new reserves. The upcoming round is expected to draw significant interest as global majors and independents look to expand positions in frontier acreage.
Angola, sub-Saharan Africa’s third-largest oil producer, has sought to balance production stability with new exploration activity to secure long-term energy growth. The recent recovery above 1 million bpd highlights both progress and the urgency of sustaining investment as competition for capital intensifies across the global upstream landscape.
See also: Angola production dips below million-barrel level for first time post-OPEC
