Africa-Press – Angola. Angola is seeking to increase national oil production and attract more investment and to this end the Government plans to launch new bidding rounds for oil blocks from 2026 onwards.According to PetroAngola, the country currently has an exploration strategy for 2019-2025, which foresees the bidding of 50 onshore and offshore oil blocks, as well as the evaluation of different sedimentary basins in the country. New work is now underway for additional bidding rounds for 2026 and beyond.
Angola’s oil production peaked in 2008 at around 2 MBPD. Production has declined in recent years, settling at 1.1 MBPD in 2024, due to underinvestment in offshore resources, high production costs and excessive bureaucracy, which has led many companies to bypass Africa’s second-largest oil producer.
The country intends to increase its current oil production, which is one of the main reasons why Angola left OPEC in January 2024, after a disagreement with OPEC and OPEC+ members over production quotas.
Earlier this week, US oil and gas giant Chevron secured the acquisition of more exploration blocks offshore Angola.
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