Angola Unlocks $10bn Investment in Mature Oilfields, Adds 1bn Barrels to Reserves
Angola has attracted more than $10 billion in investment in mature oilfields through regulatory reforms and improved engagement with investors, adding about one billion barrels to its reserves and supporting production over the next five years.
Alcides Andrade, Executive Board Member of the National Oil, Gas & Biofuels Agency (ANPG), disclosed this during a fireside chat at African Energy Week (AEW) 2026 in Cape Town.
He said the investments were part of Angola’s strategy to slow oil production declines, extend the lifespan of existing assets and strengthen its competitiveness in attracting international capital.
“We need to understand that we are competing for capital. If you understand your stakeholder needs, you are able to find solutions that are win-win for everyone,” Andrade said.
According to him, the ANPG has prioritised understanding investors’ needs, resolving regulatory bottlenecks and establishing commercially viable conditions that balance returns for operators with national interests.
In the short term, the agency is focused on maximising recovery from mature fields by working with operators to improve commercial conditions and unlock investment in existing assets.
Over the medium and long term, Angola plans to expand exploration and develop new acreage to bring additional resources into production.
Andrade said the country aimed to increase exploration drilling to between 10 and 15 wells annually over the next six years, building on recent block awards and opportunities across its mature oilfields.
He stressed that attracting upstream investment required more than fiscal incentives, noting that regulatory flexibility and direct engagement with investors were essential as market conditions changed.
“For the ANPG, it’s been about flexibility and creating conditions so that everyone can come in and invest. Pragmatism is also very important,” he said.
The strategy reflects Angola’s efforts to sustain production from ageing fields while accelerating exploration to replenish reserves and secure long-term growth in its oil sector.
