Investment in Angola’s oil sector over the past nine years has amounted to approximately $99 billion, Minister of State for Economic Coordination José de Lima Massano said on Wednesday in Luanda, according to state news agency ANGOP.
Speaking at the opening of the 7th Angola Oil & Gas (AOG 2026) International Conference and Exhibition, Massano said 38 exploration wells had been drilled during the period, resulting in 16 discoveries.
He also said 72 new concessions had been negotiated, of which 44 had been signed, while the remaining 28 were awaiting approval.
Massano said Angola remained committed to developing its oil and gas sector in a responsible, competitive and sustainable manner.
He called for greater domestic value to be created from the country’s natural resources to boost economic activity, employment and skills development.
Massano outlined reforms and initiatives aimed at creating better conditions for the development of the oil and gas industry.
He also acknowledged the challenges posed by climate change and the need for a just energy transition, pointing to a gradual, balanced and inclusive approach that reconciles decarbonisation objectives with Angola’s economic and social development.
“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,” he said.
Massano highlighted the continued expansion of exploration through the discovery of new resources, reserve replenishment and measures to sustain production over the long term.
On gas production, he said reforms had delivered significant progress, with the sector becoming increasingly important as Angola focuses on exploring non-associated gas fields and developing large-scale projects.
He encouraged greater investment in local content to enable more Angolan companies to supply goods and services to the oil industry and increase the participation of qualified Angolan professionals across the value chain.
Massano reaffirmed the government’s commitment to contractual stability, legal certainty, predictability and a competitive business environment.
Addressing investors, he called for investment across Angola’s oil and gas value chain, as well as in other sectors of the economy with growth potential.
The two-day conference, held under the theme “Investing in Angola’s Future”, brings together specialists and companies to discuss oil and gas exploration and production, energy transition and sustainability.
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