Angola’s upstream overhaul draws new oil investment

Angola has steadied crude output at about 1.1 million barrels a day after years of decline, helped by offshore projects and a broad reform drive. A new book by African Energy Chamber Executive Chairman NJ Ayuk examines how policy changes, licensing shifts and fresh investment commitments are reshaping the country’s oil sector.

Why it matters: - Angola’s crude production has stabilized after more than a decade of decline, easing pressure on one of Africa’s biggest oil producers. - The country’s reform push is aimed at keeping output steady, attracting capital and extending the life of mature oil assets. - New offshore and onshore activity could help Angola support long-term production while also advancing broader economic diversification.

What happened: - Angola’s upstream sector is the focus of Crude Oil: Power, Turnaround and Transformation in Angola, a new book by NJ Ayuk, Executive Chairman of the African Energy Chamber. - The book says Angola has stabilized crude output at about 1.1 million barrels per day through offshore developments, exploration and upstream reforms. - The release was issued from Johannesburg, South Africa, on July 14, 2026.

The details: - Reforms introduced since 2018 were designed to improve the investment climate and encourage exploration and redevelopment of mature fields. - Those changes include the creation of the ANPG and the Instituto Regulador dos Derivados do Petróleo, or IRDP. - Angola also adopted a multi-year licensing strategy, introduced Risk Service Contracts and restructured Sonangol. - The government added the Incremental Production Decree, the Gas Monetization Law and the Marginal Field Law. - National Development Plans released in 2018 and 2023 set goals that included slowing production decline and supporting economic diversification. - The TotalEnergies-operated Begonia and CLOV Phase 3 projects entered production in 2025 with combined capacity of 60,000 barrels per day. - The Azule Energy-led Agogo Integrated West Hub advanced after commissioning of the Agogo FPSO in 2025 and startup of the Ndungu field in 2026. - The TotalEnergies-operated Kaminho development remains on track for first production in 2028. - TotalEnergies plans to invest $3 billion in Angola in the coming years. - Azule Energy plans to invest $5 billion. - ExxonMobil previously said it could invest up to $15 billion after work in the Namibe Basin, although initial drilling results were not commercially viable. - Onshore exploration has resumed after the 2023 licensing round. - Corcel is carrying out seismic work at KON 16. - Oando is planning drilling at KON 13. - Sonangol is leading exploration across KON 11, KON 12 and KON 15. - Etu Energias is running seismic campaigns. - Walcot Energy and ACREP have also expanded activity. - The book is available in paperback and digital formats through major online retailers, including Amazon.

Between the lines: - Angola’s strategy appears to be shifting from managing decline to actively extending production through policy certainty and targeted capital spending. - The mix of reforms, licensing changes and new projects suggests the government is trying to make mature basins more attractive while opening room for fresh exploration. - The mention of large promised investments signals confidence, but the ExxonMobil example shows that exploration upside still depends on commercial results.

What's next: - Angola’s production outlook will depend on whether new offshore projects ramp as planned and whether onshore exploration yields commercial discoveries. - Future investment decisions from TotalEnergies, Azule Energy and other operators will help determine how quickly the upstream sector expands. - The Kaminho project’s 2028 startup remains a key milestone to watch.

The bottom line: - Angola has moved from crisis response to sector rebuild mode, with reforms and investment commitments now central to its oil strategy.