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In 2024, Angola foresees a 16% increase in drilling activity, planning to initiate the drilling of 43 wells. The country aims to boost its near-term production to 1.2 million barrels per day, relying on the well pipeline to enhance output.

Planned 2024 drilling shows a six-well increase from 2023, whereby 37 wells were drilled. Exploration is expected to take off with the results of the most recent bid round—a 12-block tender for the Lower Congo and Kwanza onshore basins—announced in January 2024.

Meanwhile, projections indicate that up to $71 billion will be injected into the country’s oil sector over the next five years, in addition to investments geared towards incremental production.

Angola’s state-owned regulator, the National Oil, Gas, and Biofuels Agency, disclosed that investments totaling $50 billion have been made since 2019, with capital expenditure experiencing a remarkable 96% surge between 2022 and 2023.