Angola’s oil sector generated contracts worth $54.4 billion (€51.4 billion) between 2022 and 2025, with 97% awarded to locally registered companies, according to Diamantino Azevedo.
Speaking at the Annual Local Content Conference in Luanda, the minister said the contracts—approved by the Agência Nacional de Petróleo, Gás e Biocombustíveis—cover investments in exploration, development, administration, and oil-related services.
Of the total, around $52.6 billion (97%) went to companies registered in Angola, including fully Angolan-owned firms and mixed-capital companies under Angolan law. The remaining 3%, about $1.8 billion, was awarded to foreign companies.
Azevedo emphasized that the main goal is to ensure oil sector investments translate into job creation, technology transfer, stronger local businesses, and broader economic value within Angola.
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Local content policies require the participation of Angolan companies, the use of domestically produced goods and services, and the hiring and training of national workers. In the upstream segment (exploration and production), the sector currently employs 42,568 workers, of whom about 87% are Angolan nationals. Around 5,800 hold leadership and management positions, reflecting growing national representation.
In the downstream segment (distribution and commercialization), a network of 931 fuel stations supports approximately 37,240 jobs, mostly held by young people aged 25 to 45. Plans to build 50 additional stations by 2027 could create around 2,250 more direct and indirect jobs.
Despite progress, the minister acknowledged challenges. Fully Angolan-owned companies accounted for only about 8% of contracts in 2025, although this marks an improvement. Structural issues remain, including limited access to financing, technological capacity gaps, and constraints linked to the current foreign exchange framework.
On production, Angola has faced a decline since 2016, with annual drops of 10% to 15%, mainly due to aging oil fields and a lack of exploration investment. However, signs of recovery are emerging, with cumulative investments of $99 billion (€93.6 billion) between 2017 and 2025 and projections of more than $66 billion (€62.4 billion) by 2030.
The minister also highlighted new discoveries and significant potential, with estimated resources exceeding one billion barrels of oil and around one trillion cubic feet of gas. Natural gas is expected to play an increasing role, supported by the Gas Law and the Gas Master Plan, helping drive industries such as fertilizers, steel, and petrochemicals and contributing to Angola’s economic diversification.
