Angola revival stalled by global demand slump
Sharply lower oil prices mean the West African country will find it difficult to finance the investment needed to replace its ageing offshore fields
Slumping oil prices and weak demand are reducing investment in Angola’s oil sector, hastening a decline in production that could cut the country’s output by more than a third by 2029. Angolan president Joao Lourenco, elected in 2017, has sought to reform the country’s sprawling, corrupt bureaucracy and boost dwindling crude production. He created a standalone industry regulator, the National Oil and Gas Agency, separating out the function from NOC Sonangol, and cut corporate taxes in an effort to attract more interest in the country’s costly and risky deepwater marginal fields. “Going into 2020, it was looking pretty positive,” says Adam Pollard, a senior upstream analyst at consultancy Wood
Also in this section
29 January 2026
Caught between LNG risks from across the Atlantic and the wounds from Russian gas dependence, Europe needs more than a simple diversification strategy
28 January 2026
The alliance looks to bolster market management credibility by bringing greater clarity and unity to output cuts and producer capacity later in 2026
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
