Angola to Grant Nine New Oil Concessions in Push to Boost Production

• Angola aims to reverse declining oil production with nine additional oil concessions by year’s end
• New incentives, including relaxed exploration terms and updated fiscal policies, target increased investment

Angola is preparing to award nine new oil concessions before the end of 2024 as it steps up efforts to combat falling production levels, according to a statement from the country’s oil industry regulator, the National Agency for Oil, Gas and Biofuels (ANPG). These upcoming concessions will bring the total awarded since 2018 to 41, inching closer to Angola’s goal of 50 oil awards by 2025. The nation’s current daily production sits at approximately 1.1 million barrels per day, a notable decline from its peak of around 1.8 million barrels per day over a decade ago.