Angola's upstream offer is anchored by a structured, multi-year licensing program running since 2019. For the period 2019 to 2025, 64 blocks were negotiated, of which 37 were awarded and 27 remain under approval or negotiation. The next instalment of the licensing round is expected in 2026, maintaining a consistent pipeline of acreage for operators at different stages of entry. The program spans frontier basins, mature deepwater assets and marginal fields, giving operators with varying risk profiles and capital structures a range of viable entry points.

The licensing program is supported by complementary fiscal instruments. The Incremental Production Decree introduced incentive terms for companies reinvesting in producing assets, targeting production sustainability at existing fields. The Gas Master Plan, introduced in 2025, is designed to attract investment across the gas value chain, including Angola's growing non-associated gas resources.

These regulatory frameworks are already yielding results. Angola has secured over $70 billion in commitments over the next five years, with the country's 2025-2028 project pipeline comprising the New Gas Consortium's Quiluma and Maboqueiro fields (March 2026), the TotalEnergies-operated Kaminho deepwater development (2028) and the Agogo Integrated West Hub operated by Azule Energy - operational since 2025.

Recent upstream activity in Angola reflects the range of operators now engaging with the market. At Angola Oil & Gas (AOG) 2025, Azule Energy announced plans to invest an additional $5 billion in Angola over the next several years. TotalEnergies committed $3 billion through its Dalia Life Extension project and brought two additional developments online in 2025: the CLOV Phase 3 development and the Begonia oilfield in Blocks 17 and 17/06, adding a combined 60,000 barrels per day (bpd) to production. First cargo from the Agogo Integrated West Hub in Block 15/06 was shipped at AOG 2025, with peak production targeted at 175,000 bpd.

Altogether, seven major deals were signed at the 2025 edition of AOG. Afentra secured its first operating license in Angola through an agreement for Block 6/14.  Shell returned to Angola after a 20-year absence through an agreement for Block 33/24 - an ultra-deepwater block in the Lower Congo basin where six exploration wells have been drilled to date.

ExxonMobil and its Block 15 partners, including Azule Energy, Equinor and Sonangol, signed an agreement with the National Oil, Gas and Biofuels Agency (ANPG) to expand acreage at the block, which has produced over 2.6 billion barrels across three decades of operation. Angola and Ivory Coast also signed a bilateral cooperation agreement on hydrocarbons at the event.

Drilling activity across multiple operators also reflects forward investment commitments. ExxonMobil, Azule Energy and TotalEnergies have all confirmed active well campaigns for their respective blocks. Regulatory reform has supported exploration results, including ExxonMobil's Likember-01 discovery and Azule Energy's gas find at Block 1/14, while national output has remained above one million bpd.

As global consumers look toward alternative oil and gas supplies, Angola’s competitive operating environment positions the country as a preferred upstream investment destination - and AOG represents a premier platform to sign deals. Taking place on September 9-10 with a pre-conference day on September 8, the event functions as the official deal-signing platform for Angola's oil and gas industry, connecting the government and its regulatory bodies directly with international operators, financiers and service companies.

Over six editions, AOG has built a record of executed agreements across upstream, midstream and downstream segments. With Angola's next licensing round instalment expected this year and an active project pipeline drawing continued IOC and independent investment, the 2026 edition returns at a moment of tangible upstream momentum.