Angola Cracks One Million Barrel Oil Production Target

Angola has set its sights on increasing oil production above one million barrels per day, according to Minister of Mineral Resources, Oil and Gas Diamantino Azevedo.

The goal is a significant increase from Angola's current production levels, which have been declining due to the aging of deepwater fields and reduced investment over several years.

In 2023, Angola withdrew from OPEC, citing disagreements over production quotas that conflicted with its ambition to slow the decline of mature fields. Since then, the country has prioritized keeping national production above one million barrels per day as a central objective in its oil policy.

Block 15, operated by ExxonMobil's Angolan subsidiary and partners Azule Energy, Equinor, and Sonangol E&P, is seen as a model for renewing mature assets. The field has had its operating license extended and secured new investment commitments to prolong its useful life.