• Angola launches new offshore projects adding 60,000 barrels per day.

• TotalEnergies leads both developments using existing infrastructure.

• Luanda targets over 1.1 million barrels daily and $60 billion in oil investment by 2030.

The official launch on July 23 of the Begonia oil project in Block 17/06 and Phase 3 of the CLOV project in Block 17 marks another step in Angola’s effort to strengthen its oil production, which regularly hovers around 1.1 million barrels per day.

Both offshore developments are operated by French energy company TotalEnergies and are expected to add a combined output of 60,000 barrels per day. This boost supports Luanda’s drive to keep daily production above the one-million-barrel mark.

By focusing on projects that use existing offshore infrastructure, Angola is aiming to scale up production quickly and at a lower cost, avoiding the need for major new investments.

This approach aligns with the goal set by Angola’s National Oil, Gas and Biofuels Agency (ANPG) to maintain a stable production plateau above 1.1 million barrels per day by 2027, building on approved projects already underway.

After its withdrawal from OPEC, Luanda sought to free itself from production caps in order to tap its offshore reserves more freely, especially those from maturing fields.

However, the slow decline of these mature oil fields remains a major challenge for Angola’s economy, which is still heavily reliant on oil. According to the French Treasury, petroleum accounts for about 65% of the country's tax revenue and over 90% of its export earnings.

At least five offshore developments are expected by 2027, including the Agogo Integrated West Hub led by Eni and the Cameia-Golfinho project operated by TotalEnergies.

Meanwhile, the ANPG is actively promoting exploration with plans to offer up to 50 blocks, many in deepwater, through targeted tenders and a permanent licensing mechanism. This is part of a broader investment plan through 2030, estimated at $60 billion.