Global energy giants bp, Eni, and TotalEnergies have committed fresh multi-billion-dollar investments to Angola’s oil and gas sector, marking a new chapter in the country’s hydrocarbon story.
The commitments underscore Angola’s growing appeal as one of Africa’s premier oil and gas investment destinations, even as the country reflects on its five decades of energy-driven economic transformation.
Italian major Eni, through Azule Energy, its joint venture with bp, revealed plans to invest $5 billion in Angola over the coming years.
Eni’s Chief Executive Officer Claudio Descalzi highlighted the company’s long-term partnership with Angola, pledging continued investment in projects that will strengthen production and foster economic growth.
“Since its inception, Azule Energy has invested more than $5 billion in Angola, and during the next few years, we plan to invest an additional $5 billion.”
Eni’s Chief Executive Officer Claudio Descalzi
He emphasized the importance of Azule’s New Gas Consortium, which includes the Q&M fields and represents Angola’s first non-associated gas development.
“Azule’s recent gas discovery will make even more resources available for the country’s growth and prosperity as well as economic diversification through gas utilization.
“As Angola turns towards its next 50 years, Eni is honored to continue this journey by your side.”
Eni’s Chief Executive Officer Claudio Descalzi
For bp, 2025 has been a breakthrough year in Angola, particularly with the Agogo Integrated West Hub Development. The company achieved first oil at the project in July – almost a year ahead of schedule.
“Five weeks ago, we saw first oil from the Agogo FPSO. It was a complex, state-of-the-art, fully electrified project, involving the lifting of 30,000 tons of equipment onto the vessel.
“Despite the challenges, the team delivered the startup early. At peak, we expect production to reach 175,000 barrels per day, helping Angola maintain its one million bpd target.”
Murray Auchincloss, CEO of bp
TotalEnergies backs Angola Energy with $3 billion
French major TotalEnergies also reaffirmed its commitment to Angola’s oil future, unveiling a $3 billion investment through the Dalia Life Extension project, part of the country’s Incremental Production Initiative.
“This year has been special for us. We achieved key milestones such as the startup of the Begonia field and CLOV Phase 3 development, which together added 60,000 bpd.”
Mike Sangster, Senior Vice President for Africa at TotalEnergies
The Begonia project, he noted, is particularly significant as it represents Angola’s first inter-block development, showcasing how collaboration and technical innovation are driving new opportunities in the country’s offshore basins.
“We started the construction of the Kaminho FPSO, which is opening up a brand-new basin in Angola.
“That is a $6 billion investment. And with the Dalia life extension project sanctioned, we have committed about $3 billion for that development.”
Mike Sangster, Senior Vice President for Africa at TotalEnergies
These billion-dollar commitments by industry leaders arrive at a crucial moment for Angola.
Facing natural decline in production, the government has accelerated reforms to attract new investment, opening opportunities through multi-year licensing rounds, direct negotiations for available blocks, and incentives for marginal field and incremental production projects.
Industry watchers say the investments highlight Angola’s ability to balance stability with flexibility, making it one of the most attractive upstream markets on the continent.
The symbolism of these announcements was not lost on conference participants, as Angola prepares to celebrate half a century of independence.
For President João Lourenço, the oil and gas sector remains central to Angola’s economic aspirations, a foundation on which the next era of industrialization, job creation, and diversification will be built.
As Angola enters this milestone year, the investments by Eni, bp, and TotalEnergies provide a clear signal: the world’s energy majors see Angola not just as a producer of oil and gas, but as a strategic partner in shaping Africa’s future energy landscape.
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