This challenge will take center stage at the Angola Oil & Gas (AOG) Conference and Exhibition, where a panel discussion on Return on Investment in Angola – Unlocking Maximum Value from Angola’s Prolific O&G Basins will bring together senior industry leaders, policymakers and investors. The session will assess how Angola can strengthen project economics across its upstream sector at a time when capital is increasingly selective and risk-adjusted returns are under greater scrutiny.

Even prior to the Gulf conflict, Angola had begun implementing strategic reforms aimed at attracting upstream capital and sustaining production above one million barrels per day. A cornerstone of this strategy is the country’s multi-year licensing round. Between 2019 and 2025, Angola negotiated 64 blocks, of which 37 have been awarded while 27 remain under approval or negotiation. This sustained momentum, combined with more flexible investment structures and competitive fiscal terms, has lowered barriers to entry and supported renewed upstream activity.

Offshore, these efforts are translating into tangible exploration momentum. Frontier basins are regaining prominence, with international majors re-engaging through strategic agreements and farm-in activity. A recent principles agreement between the ANPG, TotalEnergies and ExxonMobil to jointly assess frontier acreage signals renewed confidence in Angola’s underexplored offshore potential. At the same time, deepwater assets are being repositioned as high-impact exploration targets, reshaping the country’s production outlook beyond mature hubs. Shell’s 2026 deepwater farm-in at Blocks 49 and 50 further reinforces this trend, highlighting how international operators are selectively expanding their portfolios in response to improved investment conditions and resource upside.

Onshore, a parallel shift is underway. Oando’s entry into Block KON 13 in 2026 marks a notable re-engagement with Angola’s onshore Kwanza Basin, reflecting a broader trend of independents targeting assets previously overlooked by larger players. These projects are typically smaller in scale but offer more flexible development timelines and lower entry costs, making them increasingly attractive in a market where agility is a competitive advantage. Oando’s move comes as other independents advance exploration campaigns, with Alfort Petroleum planning to drill at KON 8 and Corcel preparing a campaign at KON 16.

Beyond new frontiers, recent milestones at Angola’s mature assets highlight the continued upside of active margins. Discoveries such as the Algaita-01 well in Block 15/06 – announced in 2026 and estimated at 500 million barrels of oil in place – underscore the potential of mature acreage when supported by the right fiscal and regulatory environment. Angola is encouraging reinvestment through its Incremental Production Decree, demonstrating how targeted policy can help sustain output and attract capital.

These developments show that Angola is no longer relying solely on large-scale, long-cycle projects to drive growth. Instead, it is building a more diversified upstream model that combines frontier exploration, independent-led onshore activity and incremental gains from mature fields. This approach is inherently aligned with improving ROI, prioritizing capital efficiency alongside resource development.