Angola Attracts $10B in Mature Field Investment Through Regulatory Reforms

Angola has attracted more than $10 billion in investment across mature oilfields through regulatory reforms and a flexible approach to investor engagement, according to Alcides Andrade, Executive Board Member at the National Oil, Gas & Biofuels Agency (ANPG). Speaking during a fireside chat at African Energy Week 2026 in Cape Town, Andrade said the investments have helped extend the life of existing assets and add approximately one billion barrels to the country's reserves, supporting production over the next five years.

The investments form part of the ANPG's broader strategy to reverse production declines and strengthen Angola's competitiveness in attracting international capital. According to Andrade, the agency has prioritized understanding investor needs, addressing regulatory challenges and developing commercially viable solutions that balance investor returns with national interests.

"We need to understand that we are competing for capital. If you understand your stakeholder needs, you are able to find solutions that are win-win for everyone," he said.

The ANPG's strategy is structured around short-, medium- and long-term priorities. In the near term, the agency has focused on maximizing recovery from mature fields by working with operators and investors to establish more attractive commercial conditions. This approach has unlocked new investment in existing assets while strengthening Angola's ability to sustain production.

For the medium to long term, the ANPG is shifting its attention toward new acreage and accelerated exploration to bring additional resources into production. Building on recent block awards and opportunities across mature assets, the agency aims to increase drilling activity to between 10 and 15 exploration wells annually over the next six years.

Central to this strategy is a regulatory approach built on flexibility, pragmatism and collaboration. Andrade emphasized that Angola's ability to compete for upstream investment depends not only on fiscal incentives but also on its willingness to engage directly with investors and respond to changing market conditions.

"For the ANPG, it's been about flexibility and creating conditions so that everyone can come in and invest. Pragmatism is also very important," he said.