Angola: expectations for an increase in oil production to 1.9 million barrels per day in 2022

Angola joined OPEC in 2007 and is considered the second largest oil producer in Africa after Nigeria. Its proven oil reserves are estimated at 8.5 billion barrels, while its annual production rate is currently about 1.5 million barrels per day. Some sources expect Angola’s production to increase by about half a million barrels per day gradually, to reach a peak of 1.9 million barrels per day in 2022.
It is worth noting that oil production in Angola in the past decade fell to less than 1.4 million barrels per day, which prompted Angola in 2019 to form the ANPG, and the agency is strengthening the country’s oil industry with the aim of increasing production, improving efficiency and increasing reserves.
As part of its broader strategy, the agency works to encourage and develop marginal fields and estimates that up to 3 billion barrels of oil can be produced from those fields. In January 2020, the Italian companies “Eni”, the French “Total” and other companies acquired rights to develop new sectors in Angola, which opens the way for a significant increase in production in the coming years.