Angola, Africa’s second-largest crude oil exporter, is currently producing about 1.1 million barrels per day (bbl/d) of crude, a level similar to before it exited the Organization of the Petroleum Exporting Countries (OPEC).
The country aims to maintain this production level until at least 2027, according to José Barroso, Angola’s secretary of state for oil and gas.
Since reaching a peak of 2 million bbl/d in 2008, Angola’s oil output has steadily declined. To counter this decline, the country plans to increase its natural gas production.
“Our aim is at least to keep this level of production until 2027-2030,” said Barroso.
Barroso stated that the rate of decline of Angola’s fields is 15% per year, and the country is actively seeking to attract investors to help bring on new reserves.
Major discoveries in areas like Guyana have meant more competition for mature provinces like Angola, said Barroso.
“Newcomers are bringing more competition to the industry because investors now have the choice to invest in one place or another,” he said.
In 2023, Angola left OPEC after a disagreement over the size of its output quota. Barroso explained that setting a production level below their actual potential could jeopardize current and future investments, which is why they decided to leave the organization.
However, he also stated that the door is not closed for a potential return to OPEC in the future.
“We never closed the door, we keep on talking as we may have common interests in some areas, and we are still discussing, talking to the people,” said Barroso.
Angola is content with the current oil price range of $85 to $90, as it benefits both producers and buyers. The country is also considering the development of a floating liquefied natural gas (LNG) facility if its block 24 field has sufficient reserves.
“It is too far to send the gas to the single train LNG plant and we are talking about floating LNG if there is enough gas,” said Angola’s secretary of state for oil and gas.
He said the idea was to pipe as much natural gas as possible to develop steel and petrochemical manufacturing and not only export it as LNG.
