Angola focuses on new oil wells and interventions to enhance production stability

Luanda (The Uttam Hindu): Angola's oil production has experienced a modest growth of 4% in the first three quarters of 2024 reaching an average of 1.134 million barrels per day. This marks an improvement compared to the same period in 2023 according to data from the National Petroleum Gas and Biofuels Agency (ANPG). This growth follows Angola’s decision to exit the Organization of the Petroleum Exporting Countries (OPEC) on December 21 2023 due to dissatisfaction with its production quota of 1.11 million barrels per day. Throughout 2024 Angola's monthly oil output generally surpassed the previous OPEC-imposed limits with the exception of April when production briefly fell below the quota. October's figures were not disclosed.

Government stabilization measures and the commissioning of new oil wells have played a role in the uptick in production. However Angola's oil output still remains significantly below its peak of 1.8 million barrels per day in 2015. The slight increase in production has been attributed to ongoing efforts to enhance output particularly through new wells and interventions in various concessions. Diamantino Pedro Azevedo Angola's Minister of Mineral Resources Oil and Gas reiterated the government’s goal to maintain production levels above 1 million barrels per day in 2025. This is part of the effort to stabilize the sector and ensure consistent supply to both domestic and international markets. Despite the growth Angola’s oil wells continue to age posing a long-term challenge for the country. However with new wells being commissioned there is potential for continued growth and production stability in the coming years. Angola remains sub-Saharan Africa's second-largest oil exporter following Nigeria.