Luanda, March 26, 2026 (Lusa) - Angola's oil sector generated contracts worth US$54.4 billion (€51.4 billion) between 2022 and 2025, of which 97% were awarded to companies registered in the country, the supervising minister said on Thursday.
Diamantino Azevedo, speaking at the opening of the Annual Local Content Conference in Luanda, indicated that these contracts, approved by the National Agency of Petroleum, Gas and Biofuels, correspond to investments made by operators in the areas of exploration, development, administration, and the provision of services associated with oil operations.
Of this global amount, about 97%, equivalent to approximately US$52.6 billion, were awarded to companies registered in Angola, including Angolan commercial companies wholly owned by national citizens and commercial companies under Angolan law with a mixed capital structure.
The remaining 3% were awarded to foreign companies, representing about US$1.8 billion.
The minister of Mineral Resources, Oil and Gas stated that the fundamental objective "is to ensure that the investments made in the oil industry translate into more jobs, greater technology transfer, the strengthening of national entrepreneurship, and value creation within the Angolan economy."
Local content includes the participation of Angolan companies, the use of goods and services produced in the country, and the hiring and training of national workers.
In this context, the oil minister highlighted that "the results achieved in the field of employment and the 'Angolanization' of the workforce are equally encouraging," with the upstream sector (oil and gas exploration and production) currently employing 42,568 workers.
Of these, 37,034 (87%) are nationals, and 5,800 hold management and leadership positions, reflecting an increased Angolan presence in roles of responsibility.
In the downstream segment (distribution and marketing of petroleum products), the network of 931 filling stations supports 37,240 jobs, mostly held by young people between the ages of 25 and 45.
The official highlighted the job creation potential associated with the expansion of the distribution network, with the planned construction of 50 more stations by 2027, which could generate 2,250 direct and indirect jobs.
Despite these advances, the minister recognised limitations in the participation of companies fully owned by Angolans, which represented 8% of contracts in 2025, although this figure is growing compared to previous years.
The minister acknowledged the existence of structural constraints, referring to "significant challenges to be overcome [...] in the areas of technological capacity, access to finance, and the consolidation of national companies," as well as difficulties associated with the "current exchange rate framework."
Regarding production, Diamantino Azevedo recalled that Angola has faced a decline in production since 2016, with "estimated annual reductions of 10% to 15%," attributed to the maturity of the fields and the absence of exploratory investment for several years.
Even so, he pointed to signs of recovery, with accumulated investments of US$99 billion (€93.6 billion) between 2017 and 2025 and a forecast of more than US$66 billion (€62.4 billion) by 2030.
The official highlighted new discoveries and the sector's potential, mentioning estimates of "resources exceeding 1 billion barrels of oil and about 1 trillion cubic feet of gas."
He further emphasised the growing role of natural gas, framed by the Gas Law and the Gas Main Plan, as a basis for the development of industries such as fertilisers, steel, and petrochemicals, reinforcing the country's economic diversification.
RCR/RYOL //
Lusa/fim
