• Angola seeks diverse alliances to tap $60 billion in hydrocarbon project needs

• U.S. firms ExxonMobil and Chevron deepen involvement in oil and gas sectors

• Country repositions post-OPEC exit to secure revenue and advanced technology

Angola is stepping up efforts to diversify its energy partnerships following its December 2023 exit from the Organization of Petroleum Exporting Countries (OPEC). The move, driven by a dispute over production quotas, marked a shift in Luanda’s strategy to maintain competitiveness, secure sustainable revenues, and attract new technologies in the hydrocarbon sector.

A recent example of this effort was a high-level meeting in Washington on June 11 between Angola’s oil minister, Diamantino Azevedo, and U.S. Secretary of Energy Chris Wright, aimed at strengthening bilateral energy ties.

This push aligns with growing interest from American energy giants. ExxonMobil recently secured an extension to its production-sharing contract on offshore block 17 and continues optimizing block 15 through an 18-well drilling campaign designed to extend production. Angola currently produces around 1.1 million barrels of oil per day.

Chevron is also expanding its presence, particularly in gas. The company has launched the Sanha Lean Gas Connection Project, which delivers 600 million cubic feet of gas daily to the Angola LNG plant. Chevron is also leading the country’s first non-associated gas development under the New Gas Consortium, slated to start production by the end of 2025.

With over nine billion barrels of proven oil reserves and 11 trillion cubic feet of gas, Angola has identified more than $60 billion in hydrocarbon projects requiring financing. This year, ten exploration blocks will be offered for bidding, with another eleven available for direct negotiation. Five marginal fields are also open for development.

While China remains a significant partner—through firms such as Sinopec, active in several offshore blocks—Angola is now actively courting a broader range of allies. The goal is to attract new capital, adopt advanced extraction and processing technologies, and optimize the value of its vast energy reserves.