International Oil Companies in Angola

Angola’s oil sector is dominated by a consortium of international oil companies (IOCs) that operate the country’s deep-water blocks under production sharing agreements with the state. These companies collectively produce the vast majority of Angola’s approximately 1.03 million bpd, invest billions annually in exploration and development, and represent the single largest source of FDI and fiscal revenue.

Major Operators

TotalEnergies

TotalEnergies is Angola’s largest oil producer, accounting for an estimated 35-40% of national output. The French supermajor operates Block 17, which contains several of Angola’s most prolific deep-water developments:

Girassol: Angola’s first deep-water development (2004), a landmark FPSO operation
Dalia: Major deep-water FPSO producing from multiple reservoirs
CLOV (Cravo, Lirio, Orquidea, Violeta): Multi-field development, with Phase 3 adding incremental production
Pazflor: Complex development producing from multiple reservoir levels
Begonia (Block 17/06): Most recent development, adding approximately 30,000 bpd at peak alongside CLOV Phase 3 contributions – together the two projects have delivered approximately 60,000 bpd of new capacity

TotalEnergies has committed to continued investment in Angola despite broader energy transition pressures, reflecting the high quality of its deep-water assets and supportive fiscal terms.

Chevron

Chevron is the second-largest producer through its operation of Block 0 (Cabinda) and Block 14. The American major has been present in Angola since before independence, with Block 0 being the country’s oldest producing concession. Chevron also holds interests in several other blocks and has been active in exploration in the Kwanza Basin.

ENI

The Italian major operates Block 15 and Block 15/06, with significant deep-water production. ENI has been expanding its Angolan portfolio through new exploration licenses and enhanced recovery projects in existing fields.

ExxonMobil

ExxonMobil holds non-operating partner interests in Block 15 and has participated in some of Angola’s largest deep-water discoveries. The company’s Angolan operations are part of its broader West Africa portfolio.

BP

BP operates Block 18, home to the Greater Plutonio development, and holds interests in Block 31 (ultra-deep water). BP’s Angolan production has been relatively stable but the company’s global strategy of portfolio simplification could affect its long-term commitment.

Sonangol

Sociedade Nacional de Combustiveis de Angola (Sonangol) is the state oil company and holds a mandatory participation interest (typically 20-41%) in all production sharing agreements. Since the 2019 sector reform:

ANPG assumed the concessionaire and regulatory role (previously held by Sonangol)
Sonangol was restructured to focus on commercial operations as a producer and service provider
Ongoing restructuring aims to improve operational efficiency and financial transparency
Sonangol dividends and tax payments are a critical component of government revenue

Angola operates a production sharing agreement (PSA) framework in which:

The state (through ANPG) retains ownership of subsurface resources
IOCs bear exploration risk and fund development capital expenditure
Production is split between “cost oil” (recovering IOC investment) and “profit oil” (shared between state and IOC)
The state’s take varies by contract but typically ranges from 60-75% of profit oil
Fiscal terms include petroleum income tax, surface fees, and training levies

Investment Outlook

IOC investment decisions in Angola are shaped by:

Global oil price environment (Brent currently approximately $74.50/bbl)
Competition for capital with other basins (Guyana, Brazil pre-salt, US shale)
Angola’s fiscal competitiveness relative to peer oil producers
ESG and energy transition pressures from shareholders and regulators
In-country operational costs and local content requirements

The post-OPEC exit environment gives Angola full sovereignty over production policy, potentially attracting IOCs that prefer operating without cartel-imposed constraints. ANPG’s licensing rounds for frontier blocks in the Kwanza and Namibe basins represent the next phase of exploration investment.