- Angola launches new studies on offshore blocks 17/O6 and 32/21 to find new oil reserves and halt production decline.
- TotalEnergies, ExxonMobil, and ANPG, collaborate to explore key fields and aim to maintain production above one million barrels per day.
- Angola’s heavily dependent oil economy risks further decline if new reserves aren’t discovered by 2031.
Angola has launched new studies to address its declining oil production. The country, which produced 1.8 million barrels per day (bpd) in 2010, now pumps around 1.2 million bpd. A 2022 Fitch Solutions report warns of a 20% further drop by 2031 unless action is taken.
The National Agency for Petroleum, Gas, and Biofuels (ANPG) joined forces with TotalEnergies and ExxonMobil to conduct studies on offshore blocks 17/O6 and 32/21. These areas, already crucial to Angola’s oil output, need new reserves to sustain production. The primary goal is to find new drilling targets to maintain output above one million bpd.
Fields within blocks 17 and 32, including Girassol, Dalia, Pazflor, and Koambo, play a major role in oil production. However, diminishing output from these wells forces the government to ramp up exploration efforts. If these studies lead to commercial drilling, they could help maintain the oil sector’s stability.
Although initial results show promise, officials have not provided specific timelines or details on the methods to be used. This initiative fits into Angola’s broader strategy to stabilise production. ANPG also works with Shell on similar projects in offshore blocks 19, 34, 35, 37, and 43.
Angola’s economy heavily relies on oil revenues. The government aims to stabilize and even increase production over the coming years. Successful exploration is vital to counterbalance declines from existing wells. Without new reserves, Angola risks a worsening economic situation as oil revenues fall.
The country intends to sustain its position as one of Africa’s top oil producers. Without new discoveries, Angola could lose its competitive edge in the global oil market. As production declines from ageing fields, officials urgently seek new reserves to secure the industry’s future.
Faced with the ongoing drop in production, Angola’s government is focusing on finding sustainable solutions to preserve the oil sector. The studies on blocks 17/O6 and 32/21 represent a key step in this effort. Although still in the early stages, these studies highlight the government’s determination to reverse the declining trend and protect the oil-driven economy.
Angola, heavily dependent on oil production, races to discover new reserves before the current fields dry. The success of these studies will determine whether the country can maintain current production levels or face a sharper decline in the future.
This renewed exploration push could reveal new drilling targets that will help Angola secure its oil sector’s future. As the country moves forward with these initiatives, its oil industry’s long-term health rests on the success of these efforts.