Angola maintains its crude oil production at 1.1 million barrels per day (bpd), matching its pre-OPEC exit levels. It anticipates sustaining this output until at least 2027 at this level of production.
Crude oil output has steadily declined in Angola, Africa’s second-largest producer, after hitting a peak of 2 million bpd in 2008. The country has since aimed to produce more natural gas to make up for the oil decline.
Speaking at CERAWeek, José Barroso, Angola’s secretary of state for oil and gas, said: “Our aim is at least to keep this level of production until 2027-2030.”
He added that the country is embarking on an aggressive campaign to attract investors, claiming that new discoveries in places such as Guyana have led to more competition for mature assets in places like Angola.
“Newcomers are bringing more competition to the industry because investors now have the choice to invest in one place or another,” he said.
Angola exited OPEC in 2023 due to a disagreement over a quota restricting its plans to stabilise crude production above 1 million barrels per day (bpd).
