Azule Energy, the BP–Eni joint venture, plans to invest an additional US$5bn in Angola’s oil and gas sector over the next four to five years, targeting both new and existing projects. This investment aims to help sustain national production above 1 mb/d. In July 2025, Azule announced a gas discovery at the Gajajeira-01 well in Block 1/14, offshore in the Lower Congo Basin.
Meanwhile, Shell has signed an exploration agreement that could mark its return to Angola after two decades, having previously operated Block 16 in the 1990s. Chevron, for its part, has signed a preliminary agreement with Angola’s national oil agency ANPG to explore offshore Block 33/24.
These moves follow a period of production decline, with output falling by 3% in 2023 to 55.6 Mt, after a partial recovery in 2022 and a 38% drop between 2015 and 2021. Angola has recently updated its regulatory framework to attract new investment in the sector.