- Energy giants commit billions to expand oil and gas output in Angola
- Investments seen as lifeline for revenues, Eurobond stability
LUANDA, ANGOLA – Energy majors BP, Eni and TotalEnergies have pledged fresh investments worth more than $8 billion to expand oil and gas production in Angola, a move expected to shore up government revenues.
The development is also expected to ease pressure on Eurobonds, signalling renewed long-term commitment to Africa’s second-largest crude producer at a time when OPEC+ members face growing scrutiny over output stability.
Eni’s chief executive Claudio Descalzi said the company’s joint venture with BP, Azule Energy, will invest $5 billion over the next several years.
“Since its inception, Azule Energy has invested more than $5 billion in Angola, and during the next few years, we plan to invest an additional $5 billion,” Descalzi said.
TotalEnergies confirmed a further $3 billion commitment through its Dalia Life Extension project, which is part of its broader strategy to sustain offshore output.
Supermajors double down on Angola’s future
Azule Energy, which combines the decades-long presence of Eni and BP, is spearheading projects designed to expand both oil and gas output. Among them is the New Gas Consortium – Angola’s first non-associated gas development.
“We are advancing the New Gas Consortium project – featuring the Q&M fields – which represents the country’s first non-associated gas project. In addition, Azule’s recent gas discovery will make even more resources available for the country’s growth and prosperity,” Descalzi added.
TotalEnergies, one of Angola’s top producers, highlighted milestones from 2025 including the launch of the Begonia and CLOV Phase 3 offshore projects, which together added 60,000 barrels per day.
“This year has been special for us. We achieved key milestones such as the startup of the Begonia and CLOV phase 3 development – adding 60,000 bpd,” said Mike Sangster, TotalEnergies’ senior vice president for Africa.
He also pointed to construction of the $6 billion Kaminho floating production unit and the sanctioning of the Dalia life extension. “We have committed about $3 billion for that development,” Sangster said.
The cash injection comes as Angola works to protect fiscal stability amid fluctuating oil prices. Analysts say the commitments could anchor foreign exchange inflows, boost reserves and reduce volatility in the kwanza.
“For Angola, this is a lifeline,” said Cobus de Hart of Oxford Economics Africa. “The injection stabilizes output, supports government revenue, and eases external financing pressure.”
Bond market experts also see upside for the country’s Eurobonds. “Bondholders will welcome this,” said Simon Quijano-Evans of Gemcorp Capital. “Stable oil receipts reduce refinancing risk for Angola’s Eurobonds.”
The large-scale commitments from Eni and TotalEnergies, alongside BP, also reinforce confidence in Angola’s energy sector, with potential spillovers into infrastructure, logistics and services.
