The country’s oil secretary says attracting new investment and bringing back big names like Shell are non-negotiable to keep production above one million barrels per day
Angola is drawing up an aggressive plan to pump new life into its oil sector, with the country’s Secretary of State for Oil and Gas, José Barroso, confirming that increased investment in exploration is a top national priority. The goal is clear: halt the decline in crude production and keep output above one million barrels per day.
Barroso pointed to the recent return of Shell as a concrete sign of progress, noting that the company has signed agreements with the National Agency of Petroleum, Gas and Biofuels, alongside Equinor and Sonangol, for the exploration of 17 offshore blocks. He stressed that luring new entrants and persuading existing investors to expand their footprints are both essential to sustaining production. “Without exploration, we will not be able to maintain production at current levels for long,” he said.
TotalEnergies, Azule Energy — a joint venture between Eni and BP — and Chevron continue to invest in advanced technologies and exploration projects aimed at squeezing more output from existing assets while hunting for new reserves.
On the policy side, Barroso acknowledged that Angola cannot control global oil prices or the geopolitical forces behind them, but insisted the country can shape the conditions within its own borders. The focus is on building a legal and fiscal framework that meets investor expectations and creates genuinely favourable market conditions.
Upstream investment in prospecting, exploration, and production is projected to reach $70 billion in the coming years, while the government is also positioning natural gas as a complement — not a replacement — to oil, aiming to diversify the national energy mix without abandoning the sector that defines the economy.
Source: angolanminingoilandgas.com