Angola anticipates a 16% surge in drilling activity in 2024, with plans to spud 43 wells. The country is targeting a near-term production increase to 1.2 million barrels per day, with the well pipeline expected to bolster output.
Planned 2024 drilling shows a six-well increase from 2023, whereby 37 wells were drilled. Exploration is expected to take-off with the results of the most recent bid round – a 12-block tender for the Lower Congo and Kwanza onshore basins – announced in January 2024.
Meanwhile, projections indicate that up to $71 billion will be injected into the country’s oil sector over the next five years, in addition to investments geared towards incremental production. The National Oil, Gas, and Biofuels Agency, Angola’s state-owned regulator, revealed that $50 billion has been invested since 2019, with capital expenditure between 2022 and 2023 witnessing a 96% increase.
