Angola Driving Africa’s Largest Oil Investment As New Deals Set To Boost Country’s Production

Angola is pushing forward with new oil investment as the country’s fiscal environment improves and attractive to global oil companies.

The country is targeting increased exploration drilling, additional deepwater development and new international entrants to help offset production declines from mature fields.

The National Oil, Gas & Biofuels Agency (ANPG) in line with the expected growth has signed a series of agreements covering new acreage and additional investment across Angola’s upstream sector during the Angola Oil & Gas 2026 conference in Luanda. 

The agreements were among 11 deals announced during the event and included deepwater Blocks 19, 34 and 35; Blocks 8 and 22; Block 33/24; Blocks 17/25 and 32/21; and further investment in Block 32.

Additional agreements are aimed at supporting incremental production from Blocks 15 and 31 and financing Etu Energias’ expansion at Block 14.

Angola is also seeking to rebuild its exploration pipeline, with ANPG targeting at least 10 exploration wells annually. 

Oil major, Shell, which signed three agreements during the conference, plans to pursue additional exploration in the country.

Onshore activity could also increase. Corcel is considering an exploration well at KON-16 in the Kwanza basin in mid-2027 following completion of a 326-line-km 2D seismic campaign.

Existing operators are planning further investment across their Angolan portfolios. TotalEnergies said it and its project partners plan to invest $10 billion over the next five years, while additional development at the Dalia field could unlock up to 400 MMbbl under Angola’s incremental-production framework.

Chevron is also planning additional investment in Block 0 following an extension of the concession through 2050.

Meanwhile, new international players are evaluating entry into Angola’s upstream sector. 

Indonesia’s Pertamina has outlined plans to pursue an operator position in the country, while Panoro Energy is assessing opportunities spanning onshore, offshore, frontier exploration and mature-field developments.

The activity comes as Angola seeks to attract new exploration capital and investment in existing fields to sustain oil production and bring additional resources into development