Angola aims to maintain daily crude oil production above 1 million barrels to hedge against declining output from aging oil fields.

智通财经2026/10/15 11:36

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Angola, the third largest oil producer in Africa, has set a goal to maintain crude oil daily output above 1 million barrels in order to offset the natural production decline of mature oil fields.
In his annual state of the nation address to parliament in Luanda, the President of Angola stated that the oil and gas industry remains the core pillar of the country's economy and public finances, echoing earlier remarks by the Minister of Petroleum.
The Minister of Petroleum said that, with new investments and exploration results from new oil fields, the country plans to keep daily output above 1 million barrels at least until 2027.
According to data from the World Bank, nearly 60% of Angola's population lives on less than $4.2 a day, making fiscal revenue from the oil and gas industry crucial for improving people’s livelihoods.

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Angola aims to maintain daily crude oil production above 1 million barrels to hedge against declining output from aging oil fields.

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