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IOC partners maintain existing Angolan operations but invest less

Among those counting on the incoming government maintaining stability are the international oil companies (IOCs) that have made Angola Africa’s leading oil exporter. IOCs produced 96.7% of the total average 1.72m b/d output in 2016, according to Sonangol’s 2016 annual report. French major Total’s large holding of operated blocks gave its assets by far the biggest overall production, 229.36m bbls out of a total 630.11m bbls of crude oil output last year, which was 3% lower than in 2015.

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