Angola's upstream reforms draw new oil investment

Angola has stabilized crude output at about 1.1 million barrels a day after years of decline, and a new book from the African Energy Chamber examines the reforms, offshore projects and investment commitments behind the turnaround. The review points to fresh licensing, regulatory changes and major field developments that could shape the country's production outlook through 2028 and beyond.

Why it matters: - Angola's oil sector is a major source of state revenue, and stabilizing production after more than a decade of decline gives the country more room to fund growth and diversify the economy. - The rebound is being driven by a mix of policy reform, offshore development and new exploration spending, not a single project.

What happened: - Angola has held crude output at about 1.1 million barrels per day after more than a decade of declining production. - The trends are examined in Crude Oil: Power, Turnaround and Transformation in Angola by NJ Ayuk, executive chairman of the African Energy Chamber. - The book says Angola responded to falling output with institutional restructuring, petroleum reforms and new investment policies.

The details: - Reforms introduced since 2018 were designed to improve the investment climate and support exploration and redevelopment of mature fields. - Angola established the ANPG and the Instituto Regulador dos Derivados do Petróleo, or IRDP. - Angola also adopted a multi-year licensing strategy, risk service contracts and a restructuring of Sonangol. - The government added the Incremental Production Decree, Gas Monetization Law and Marginal Field Law. - National Development Plans released in 2018 and 2023 tied oil-sector stabilization to broader economic diversification goals. - TotalEnergies-operated Begonia and CLOV Phase 3 started production in 2025 and together add 60,000 barrels per day of capacity. - Azule Energy's Agogo Integrated West Hub moved forward with commissioning of the Agogo FPSO in 2025 and startup of the Ndungu field in 2026. - TotalEnergies-operated Kaminho remains on track for first production in 2028. - TotalEnergies plans to invest $3 billion in Angola in the coming years. - Azule Energy has announced plans to invest $5 billion. - ExxonMobil previously signaled potential investment of up to $15 billion after exploration in the Namibe Basin, but initial drilling was not commercially viable. - Onshore activity has picked up after the 2023 licensing round. - Corcel is carrying out seismic work at KON 16. - Oando plans 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 their activities.

Between the lines: - Angola's upstream story is shifting from emergency stabilization to longer-term portfolio management. - The combination of regulatory changes and multi-billion-dollar investment plans suggests companies still see value in Angola, even after some mixed exploration results. - The onshore push matters because it broadens the country's production base beyond offshore developments.

What's next: - Kaminho's first oil in 2028 will be a key test of whether Angola can sustain its production recovery. - More exploration results from onshore and offshore blocks will help determine whether the current investment cycle turns into durable output growth. - Crude Oil: Power, Turnaround and Transformation in Angola is available in paperback and digital formats through major online retailers, including Amazon.

The bottom line: - Angola's oil sector is being reshaped by reform, fresh capital and a pipeline of new projects, but the durability of the turnaround will depend on execution and new discoveries.