Angola is targeting a turnaround in oil production, aiming to stabilise output above 1 million barrels per day through 2030 before pushing to 1.2 million bpd between 2031 and 2040, as the government works to revive mature fields, accelerate new projects and expand exploration across its offshore basins.
Angola’s crude output has fallen from around 2 million barrels per day in 2008 to approximately 1.03 million bpd this year, driven by declining mature fields, ageing infrastructure and slower investment; output currently sits at around 1.1 million bpd. The 2024 Incremental Production Decree is supporting well re-entry, new drilling and improved recovery efforts, with TotalEnergies working to unlock additional output from Block 32 and Sonangol extending the life of Blocks 3/05 and 3/05A through targeted drilling.
The Greater PAJ development, which reached final investment decision in June 2026, combines resources from Block 31 and Block 31/21 to develop around 252 million barrels of reserves using shared infrastructure, with first oil targeted for 2029. Angola’s longer-term outlook increasingly depends on exploration: under its 2025-2050 Hydrocarbon Strategy, the country aims to identify roughly 12.7 billion barrels of oil and 5 trillion cubic feet of gas in place by 2030, with activity expanding across the Kwanza, Namibe and Benguela basins and deeper pre-salt plays in the Lower Congo Basin. TotalEnergies and ExxonMobil secured four blocks in the Namibe and Benguela basins this year, while Woodside Energy is studying three additional blocks and Shell has partnered with Sonangol on Block 33.
Source: angolanminingoilandgas.com