Energy majors bp, Eni and TotalEnergies committed billions for Angolan projects during the opening ceremony of the Angola Oil & Gas Conference and Exhibition – that took place in Luanda on Wednesday, 3 September. The event is held on the eve of Angola’s 50 years of independence, offering an opportunity for reflection as well as renewed commitment to the growth of the country’s hydrocarbon economy.

Eni announced plans by Azule Energy – an Eni-bp joint venture - to invest $5 billion in the market over the next several years while TotalEnergies shared plans to invest $3 billion through its Dalia Life Extension project. These commitments come as the country strengthens its fiscals with the aim of supporting production growth.

“Since its inception, Azule Energy has invested more than $5 billion in Angola, and during the next few years, we plan to invest an additional $5 billion,” stated Claudio Descalzi, CEO, Eni.

Both Eni and bp have played an instrumental role in positioning Angola as one of Africa’s biggest oil and gas producers over the last 50 years, with offshore projects spanning deepwater exploration, offshore production and inland infrastructure. Now, through their joint venture company Azule Energy, the companies are shaping the next 50 years of development, targeting greater production and local content development.

“We are advancing the New Gas Consortium project – featuring the Q&M fields – which represents the country’s first non-associated gas project. In addition, Azule’s recent gas discovery, will make even more resources available for the country’s growth and prosperity as well as economic diversification through gas utilization. As Angola turns towards its next 50 years, Eni is honored to continue this journey by your side,” Descalzi added.

The year 2025 was a major year for Azule Energy, with the company announcing first production at the Agogo Integrated West Hub Development in July 2025. The project, comprising the full field development phase of two fields, has a production capacity of 175,000 bpd.

“Five weeks ago, we saw first oil from the Agogo FPSO. It was a complex project – state of the art and fully electrified. Azule has lifted 30,000 tons of equipment onto the vessel Despite this complexity, the team achieved project startup almost one year ahead of schedule. At peak, we expect production to reach 175,000 bpd, helping Angola maintain its one million bpd target. Azule is a company that seeks to make a lasting contribution to the Angolan society,” stated Murray Auchincloss, CEO, bp.

As one of the country’s biggest producers, TotalEnergies continues to make strides towards enhancing Angolan crude production through major offshore projects. In 2025, the company brought two major projects online, adding 60,000 bpd to the market. Situated in Block 17 and Block 17/06 respectively, the CLOV Phase 3 Development and Begonia oilfields were developed in close collaboration with leading industry players. The Begonia project is also the first inter-block development in Angola.

“This year has been special for us. We achieved key milestones such as the startup of the Begonia and CLOV phase 3 development – adding 60,000 bpd. We started the construction of the Kaminho FPSO which is opening up a brand-new basin in Angola. That is a $6 billion investment. We have sanctioned the Dalia life extension project – part of the Incremental Production Initiative. We have committed about $3 billion for that development,” stated Mike Sangster, Senior Vice President: Africa, TotalEnergies.

These billion-dollar commitments underscore that the majors are here to stay in Angola, a testament to the country’s flexible and attractive investment climate. From multi-year licensing rounds to blocks available on direct negotiation to marginal fields and incremental production, Angola has positioned itself as a competitive oil and gas market.

“Over the last few years, Angola has been focused on reforms, reforms that have transformed the economy and its people. People that drive the next generation and drive the next 50 years. As we build, we look at what these reforms mean for the next 50 years. We cannot hold back on driving oil for the future of this country. We will drill, baby drill,” opened NJ Ayuk, Executive Chairman, African Energy Chamber.