"We forecast oil production to have increased by 4.1 percent in 2024, to 1.176 million barrels per day, and to increase by 1 percent to 1.187 million barrels per day this year," write analysts from the African department of this British consultancy.
In a commentary on the evolution of the oil sector in Angola, sent to clients and to which Lusa had access, Oxford Economics writes that "there are several developments that support modest and continued growth in the oil sector in the medium term".
Among these factors, it points to the ten licenses that should be issued soon in the Benguela and Kwaza basins, and the licensing of new blocks from 2026 by the sector regulator.
"Angola's National Agency for Petroleum, Gas and Biofuels (ANPG) is planning another multi-year licensing round for oil and gas blocks starting in 2026, which could attract $60 billion in new investment over the next five years," the analysts write.
The forecasts are better than those indicated in a January report on the sector by the International Energy Agency (IEA), which predicted Angola would pump 1.11 million barrels per day in 2024, and then 1.08 and 10.9 in the following two years.
Earlier in January, Oxford Economics had forecast Angola's oil production to stagnate this year at 1.173 million barrels per day this year.
The country is the second largest oil producer in sub-Saharan Africa, after Nigeria, and left the Organization of the Petroleum Exporting Countries in early 2024 after disagreeing with the imposed quotas.
