Angola’s upstream regulator is using the Angola Oil and Gas (AOG) 2026 conference in Luanda as a launchpad for the next Angola upstream investment cycle, signalling a sustained pipeline of oil and gas projects that matters for deepwater, gas and brownfield investors alike.

ANPG’s licensing strategy moves into a new phase

Angola’s National Agency for Petroleum, Gas and Biofuels (ANPG) enters AOG 2026 with a clear track record and a defined forward agenda. According to ANPG data cited in recent industry releases, the regulator’s 2019–2025 licensing framework awarded 40 concessions and mobilised an upstream investment pipeline estimated at around US$70bn. As a result, Angola is now in the midst of an upstream investment campaign valued at approximately US$70bn over the next five years, targeting exploration, new developments and the optimisation of mature assets.

The agency is preparing its next licensing round with blocks available across the Kwanza, Benguela and Namibe basins, aligning new acreage with investor interest in both frontier and near-infrastructure plays. In addition, ANPG is tracking the implementation of Angola’s gas master plan, which sets a framework to monetise non-associated gas reserves and raise local content participation from about 12% to a goal of 20% by 2027. This mix of new licences, gas projects and mature field incentives positions Angola upstream investment as a multi-track story rather than a single project cycle.

AOG 2026 will take place in Luanda from 9–10 September 2026, with a pre-conference day on 8 September. ANPG Chairman Paulino Jerónimo is confirmed as a key speaker. The event is framed by organisers as Angola’s main platform for upstream deal-making, bringing together international operators, investors and service providers as the country advances its next phase of upstream development.

What does the new hydrocarbon strategy mean for investors?

Angola has adopted a revised hydrocarbon strategy for 2025–2050 that aims to stabilise crude output while accelerating gas monetisation and expanding domestic refining capacity. Industry coverage indicates that the new framework follows a six-year reform programme through 2019–2025, which yielded 40 concessions and a US$70bn upstream investment pipeline, and now extends planning through 2050 to support long-term production and energy security. Therefore, the strategy anchors Angola upstream investment in a quarter-century horizon rather than a short-term response to decline.

Meanwhile, a series of project decisions shows momentum behind this agenda. Recent reporting highlights deepwater oil developments such as TotalEnergies‘ Kaminho project and brownfield upgrades in Block 15 under the Kizomba C programme, backed by more than US$3bn of committed capital through 2030. In parallel, Angola reached first non-associated gas from the New Gas Consortium’s Quiluma and Maboqueiro fields in March 2026, and the Katambi-2 appraisal in Block 24 delivered the country’s first full flow test on a standalone gas reservoir in the Benguela Basin. These steps collectively strengthen the investment case for gas commercialisation alongside oil.

Tax and royalty adjustments for mature assets, combined with new licensing rounds in the Kwanza, Benguela and Namibe basins, are designed to keep short-term barrels flowing while frontier exploration expands medium-term upside. Angola’s upstream now couples near-term production resilience with optionality in deepwater and gas, under a regulator that is actively courting capital across the cycle.

The broader Angola-Botswana diplomatic and economic momentum adds further regional context to Angola’s ambitions as it opens new energy corridors. As AOG 2026 approaches, institutional investors, independent operators and policymakers should watch how ANPG uses the Luanda meeting to detail block terms, gas infrastructure plans and mature field incentives, since those signals will shape pricing, bidding strategies and risk-return profiles across Angola upstream investment through the rest of the decade.

Quick answers

The post Angola upstream investment targets a $70bn decade appeared first on FurtherAfrica.