A hybrid strategy for driving investment in Angola’s upstream

Angola

Paulino Jerónimo, president of the National Oil, Gas and Biofuels Agency (ANPG), talks to The Energy Year about Angola’s hybrid approach to driving upstream investment and new incentives aimed at revitalising mature oilfields. The ANPG is Angola’s national concessionaire, regulator and supervisor of the oil and gas upstream and biofuels sectors.

This interview is featured in The Energy Year Angola 2025

What have been the major highlights for the ANPG in 2025?
In 2025, we at the ANPG have focused heavily on executing our 2019-2025 licensing round strategy, refining regulatory instruments and supporting mature-field revitalisation. Recently, we presented 25 business opportunities in the oil and gas sector, some located in the Lower Congo Basin, one of the most prolific basins in Africa. We are on track to award around 60 oil and gas concessions by year‑end, surpassing our initial target of 50.
Additionally, we have deployed the Incremental Production Decree to unlock latent value from mature fields, offering contractual and fiscal incentives to encourage additional investment in ageing assets, through agreements in Blocks 17 and 31.
We also concluded several landmark block deals, such as those for blocks 17/25 and 32/21 with TotalEnergies and ExxonMobil, as well as Block 33/24 with Chevron, Shell and Sonangol, marking Shell’s return to Angola’s upstream arena. Furthermore, we reached an agreement on Block 15, with the aim of creating a better environment for investing and reinforcing the commitment of ExxonMobil, Azule Energy, Equinor and Sonangol.
Internally, we are strengthening compliance protocols, enhancing audits and ensuring alignment with international best practices. We also co-ordinate closely with Angola’s Financial Intelligence Unit to uphold anti‑corruption principles. For new agreements, we are embedding transparency clauses, periodic audits and stakeholder oversight to preserve investor confidence and public accountability.

With the target of awarding 60 concessions in 2025, how is the ANPG executing that, and what is the investor response so far?
We are using a hybrid strategy, which includes licensing rounds and direct negotiations to award concessions; one-to-one engagements with the investor community in the main oil and gas events; an agile approach in constantly looking at global trends and identifying and implementing the necessary reforms to maintain attractiveness; a flexible approach in ensuring we continuously assess and understand investors’ needs and introduce favourable terms and conditions in order to attract investments; and a pragmatic approach in improving our work processes to respond quicker to investor requests and industry needs.
In doing so, we are diversifying the investor base, engaging large IOCs and mid-tier firms alike, as we have a place in our sector for all companies. We can affirm that the market has responded positively, as in the last couple of years we have witnessed more than 17 new companies enter our oil and gas concessions. IOCs are investing in Angola, and each has expanded their portfolio to four or more concessions.
As a result of the award of concessions, we anticipate investments of over USD 70 billion in the next five years. We are also preparing to issue the next licensing round by Q4 2025, which will entail the awarding of Kwanza Basin and Benguela Basin blocks.

How is the ANPG promoting further production in mature fields?
The Incremental Production Decree is central to our approach. It provides tailored incentives to operators willing to invest in mature assets that have already produced around 70% of their original reserves. We want operators to re-evaluate undeveloped or bypassed intervals, old wells, infill potential and incremental drilling. The goal is to extend field life, elevate recovery and deliver new barrels economically.
At Block 15, for example, the agreement provides flexibility to unlock incremental reserves around existing infrastructure. We also monitor technology deployment, enhanced oil recovery (EOR) methods and cost optimisation to ensure these investments make financial sense in current price environments.

What is your strategy for gas monetisation and to align the industry with energy transition goals?
We are closely supporting the New Gas Consortium, which is expected to deliver first gas in early 2026. We’re integrating gas development into our licensing strategy and new blocks will be awarded with incentives for the development and production of gas. Moreover, as part of our upstream governance framework, we are moving to reduce flaring, enforce environmental standards and encourage cleaner operations.
Our longer-term vision includes promoting biofuels and supporting projects that can bridge hydrocarbons revenues with energy transition imperatives.

Looking ahead to the next few years, what are the ANPG’s key priorities?
We aim to sustain and stabilise oil production above 1 million bopd while diversifying with gas. We will continue opening frontier basins, including interior basins, balancing risk and reward. We also intend to accelerate FIDs in promising blocks. ESG, transparency and alignment with Angola’s socioeconomic goals will remain central to our mission, ensuring that hydrocarbons development supports sustainable growth.
Angola is entering a renewed phase of opportunity. We have updated licensing frameworks, compelling incentives, increasing clarity and a supportive regulatory environment. The window for frontier acreage is reopening, and we encourage investors to engage early. We are committed to building long-term partnerships that deliver mutual value, grounded in integrity, sustainability and respect for Angola’s national development aspirations.

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