What is the story about?
What's Happening?
Angola's crude oil production has increased to over 1 million barrels per day in August, following its exit from OPEC in 2023. The National Agency for Petroleum, Gas and Biofuels reported a rise to 1.03 million bpd, aligning with Angola's strategy to stabilize production. The government plans to launch a new licensing round by the fourth quarter of 2025, aiming to award exploration and production concessions across offshore and onshore basins. This initiative is part of a multi-year strategy to attract international operators and reverse output declines.
Why It's Important?
Angola's rebound in oil production is crucial for maintaining investment momentum in its upstream sector. The upcoming licensing round is expected to attract significant interest from global oil majors and independents, potentially boosting Angola's energy sector. As sub-Saharan Africa's third-largest oil producer, Angola's efforts to balance production stability with exploration activity are vital for securing long-term energy growth and economic development.
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