Angola Pours $99Bn Into Oil Sector Over Nine Years

Luanda, Angola: Angola has channelled approximately $99bn into its oil sector over the past nine years, Minister of State for Economic Coordination José de Lima Massano has said.

Speaking at the opening of the 7th Angola Oil & Gas (AOG 2026) International Conference and Exhibition in Luanda, Massano outlined the scale of investment and the results achieved.

During the period under review, the country drilled 38 exploration wells that yielded 16 discoveries. Authorities also negotiated 72 new concessions, of which 44 have already been signed while the remaining 28 await final approval.

The minister stressed that Angola remains committed to developing its oil and gas industry in a responsible, competitive and sustainable manner. He emphasised the need to create domestic added value from the country's natural resources in order to generate more economic activity, employment and skills development. Massano pointed to a series of reforms and initiatives designed to improve conditions for the comprehensive growth of the sector.

Acknowledging the challenges posed by climate change, he called for a just energy transition. Angola, he said, is pursuing a gradual, balanced and inclusive path that reconciles decarbonisation goals with the country's economic and social development priorities.

“We will continue to produce hydrocarbons, but we will do so in an increasingly responsible, efficient and sustainable manner, through the use of efficient technologies and the consolidation of a diversified energy mix, combining hydrocarbons and natural gas with hydroelectric, solar, wind and biomass energy,” Massano stated.

He highlighted ongoing efforts to expand the exploration frontier through new discoveries, the replenishment of reserves and the creation of conditions necessary to sustain production over the long term. On the gas side, the minister noted that reforms have delivered a remarkable transition. The segment has grown in importance, with particular attention now focused on non-associated gas fields and the development of large-scale projects.

Massano also encouraged greater investment in local content so that more Angolan companies can supply goods and services to the oil industry and more qualified national professionals can participate across the value chain. He reaffirmed the government's commitment to contractual stability, legal certainty, predictability and a competitive business environment.

Addressing potential investors, the minister invited them to put capital into the full oil and gas value chain while also considering other sectors of the Angolan economy that offer recognised potential.

The two-day conference, held under the theme“Investing in Angola's Future,” brings together specialists and companies from the energy sector to discuss oil and gas exploration and production, the energy transition and sustainability. The event underscores Angola's determination to maintain hydrocarbons as a cornerstone of its economy while gradually building a more diversified and lower-carbon energy system.

Angola has long ranked among Africa's leading oil producers. The substantial capital committed over the past nine years reflects both the scale of existing operations and the government's ambition to attract further exploration and development activity. By pairing continued hydrocarbon production with investments in renewable sources and local industrial capacity, authorities aim to balance short-term revenue needs with longer-term economic resilience and environmental responsibility.

The reforms already under way, including improved concession processes and a stronger focus on gas, are intended to create a more attractive investment climate. Officials hope this combination of policy stability and resource potential will encourage international operators and service companies to deepen their presence in the country.

As global energy markets continue to evolve, Angola's approach seeks to secure the benefits of its oil and gas endowment while preparing for a future in which cleaner energy sources play a larger role. The AOG 2026 gathering provides a platform for industry stakeholders to assess these opportunities and the practical steps required to realise them.

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