Angola’s Oil Production and Revenue Trends in 2023

In 2023, Angola’s oil production saw a 3.6% drop, reaching 1.09 million barrels daily, as reported by the National Agency for Petroleum and Gas (ANPG).

This decline led to a total yearly output of about 400 million barrels, marking a slight decrease from the previous year.

Despite this, the latter half of the year showed improvement, with July’s production peaking in August.

The decrease in December’s output to 34.8 million barrels, 4.1% below expectations, contributed to the annual reduction.

Yet, from July to December, production averaged 1.12 million barrels per day.

This was a 5% increase over the first half and slightly higher than the same period in 2022, thanks to maintenance efforts in the Dália field.

For 2024, predictions suggest a slight increase in production to an average of 1.11 million barrels per day, exceeding the government’s budget forecast.

Simultaneously, Angola‘s oil revenue fell by 21.3% due to lower average barrel prices and reduced production.

The country exported 386.42 million barrels at $81.3 each, earning $31.4 billion.

This was down from the previous year’s $39.9 billion from selling 391.92 million barrels at $101 each.

China remained the top buyer of Angola’s oil, taking 57% of exports in 2023.

Despite global tensions affecting oil prices, the last quarter saw 103.1 million barrels exported for about $8.63 billion.

Angola also exported over a million metric tons of gas in the last three months of 2023, worth $650.87 million.

This represented a 6.68% increase in gas exports, totaling 4.56 million metric tons for the year, with India being the largest market.

Angola’s oil and gas industry resilient in 2023, anticipates modest production recovery in 2024 amid global challenges.