Angola Sets 1 Million bpd as Floor, Not Ceiling, for Oil

Angola's Oil Minister Diamantino Azevedo has told operators to raise production above 1 million barrels per day, saying that level should now be treated as a floor rather than a target, as new projects from TotalEnergies and Azule Energy help stabilise output after years of decline.

Azevedo made the comments on Monday, August 31, in Luanda, according to Lusa, at a ceremony marking the 32nd anniversary of Block 15, operated by U.S. oil major ExxonMobil. Brian Unietis, managing director of ExxonMobil's Angolan subsidiary, also attended. "The challenge of stabilizing production has now been overcome," Azevedo said.

The comments mark a shift from the position Azevedo set out in May, when, speaking in London, he said the priority was to maintain production at 1 million bpd, according to TRT Afrika.

The International Energy Agency estimated Angola's production at 1.07 million bpd in 2025, down from 1.16 million bpd in 2024. Output fell as low as 998,757 bpd in July 2025, its lowest level since March 2023, according to Ecofin Agency, after simultaneous maintenance shutdowns on blocks 15 and 17.

Angola's oil regulator, the National Oil, Gas and Biofuels Agency (ANPG), confirmed a rebound to 1.03 million bpd in August 2025, helped by work from TotalEnergies, ExxonMobil and Azule Energy to rehabilitate older wells and bring new satellite fields into production.

New fields have added fresh output

That recovery has been reinforced by new projects. TotalEnergies launched its Begonia and CLOV Phase 3 projects in July 2025, adding a combined 60,000 bpd, while Azule Energy, a joint venture between BP and Eni, brought the Agogo field onstream at 120,000 bpd and added a further 60,000 bpd from the Ndungu field in February.

The additions matter for Angola's public finances, where oil remains a major source of government revenue.

Azevedo called on companies to raise investment and negotiate new blocks with the ANPG, saying executive decrees covering new offshore and onshore acreage would be published soon, though he gave no further details.

He also urged operators to bring more Angolan service companies into the oil and gas supply chain, noting that the government has put 72 blocks up for bid over the past nine years and that the licensing effort "must produce results."

Block 15 was cited as an example of the outcomes Azevedo wants to see replicated elsewhere. Located about 145 kilometres off Angola's northern coast and operated by ExxonMobil alongside Azule Energy,

Equinor and state oil company Sonangol, the block has produced about 2.7 billion barrels since output began in 1994.

Its licence has been extended to 2037, backed by $3 billion in investment, and the minister said Angolan companies and workers account for around 95% of the jobs and contracts tied to the block.

Whether Angola can sustain output above 1 million bpd will depend on how quickly new blocks are awarded and how much fresh investment operators commit in response to the minister's call.