Angola secures $14B to double oil production

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On the eve of its 50th independence anniversary,Angola is cementing its position as one of Africa’s top energy producers with over $14 billion in new oil and gas investments. During the Angola Oil & Gas Conference and Exhibition on September 3,major industry players bp,Eni,and TotalEnergies unveiled strategic projects poised to reshape the country’s hydrocarbon future.

Italian energy giant Eni,through Azule Energy,its joint venture with bp,announced plans to invest an additional $5 billion over the next several years. Since its inception,Azule Energy has already invested $5 billion,positioning itself as a key driver of Angola’s energy transformation.

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2025 marked a milestone for Azule with the start of production at the Agogo Integrated West Hub Development,expected to reach 175,000 barrels per day (bpd). “Just five weeks ago,we achieved first oil from the Agogo FPSO,nearly one year ahead of schedule. This will help Angola sustain its 1 million bpd target,” said Murray Auchincloss,CEO of bp. TotalEnergies is also advancing its offshore projects in Angola. In 2025,the company brought the CLOV Phase 3 and Begonia fields online,adding 60,000 bpd to the market. Construction of the Kaminho FPSO has begun,representing a $6 billion investment in a new basin,alongside the Dalia Life Extension Project,committing another $3 billion to Angola’s oil sector.

These multi-billion-dollar commitments underscore Angola’s attractive investment climate,supported by regulatory reforms,fiscal incentives,and competitive licensing rounds that encourage both foreign investment and incremental production. “Angola is building its energy future for the next 50 years. We will not hold back: we will drill,produce,and grow,” said NJ Ayuk,Executive Chairman of the African Energy Chamber. With these strategic investments,Angola not only strengthens its oil production capacity but also solidifies its position as a continental energy powerhouse,eyeing economic diversification and sustainable development for decades to come.