Angola’s upstream sector is entering a new phase of growth and repositioning. Two key gas projects are set to finally fill the Angola LNG plant after years of undersupply, underscoring the growing attractiveness of gas commercialization and its role in future value creation. Meanwhile, a wave of oil developments has lifted production, though sustaining output will depend on new greenfield investment as existing projects mature.

Major operators are renewing exploration efforts, highlighted by Shell’s return after two decades and rising activity in deep and ultra-deep waters. Onshore, smaller independents are reactivating fields and building portfolios, emerging as vital contributors alongside the Majors. Despite subdued M&A activity, Angola remains a compelling destination for investors seeking stable, opportunity-rich upstream exposure.

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