TotalEnergies, ExxonMobil, and Azule Energy (BP and Eni’s joint venture) drove the rebound by reviving mature wells, upgrading facilities, and developing satellite fields.
Azule Energy committed $5 billion over the next four to five years, aiming to drill 18 new wells, with the joint venture directly operating two-thirds of them.
Since 2019, Angola has awarded new oil blocks to spur exploration and production. The government plans another licensing round in the fourth quarter of 2025, which will test investor appetite for the Angolan basin.
World Bank data shows oil still anchors Angola’s economy, contributing over 90% of exports, 28.9% of GDP, and around 70% of government revenue. Angola expects oil sector investments to hit $71 billion by 2028, up from $50 billion between 2019 and 2023.