Angola’s oil and gas sector is the spine of its economy and, increasingly, the principal vehicle for its diversification financing. With production stabilizing around 1.1 million barrels per day through the second half of the decade, the country is shifting focus from peak production to maximizing recovery, monetizing gas, and selectively re-tendering offshore blocks under a more transparent concession regime led by the Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG).
The 2026 landscape
The sector is anchored by Sonangol, the national oil company, alongside a roster of international operators including TotalEnergies, Chevron, ExxonMobil, BP, Eni, Equinor, and the joint venture Azule Energy (BP + Eni). Independent and indigenous players such as Somoil, Etu Energias, and Pluspetrol have grown their footprint in recent rounds.
Angola exited OPEC in January 2024 to pursue an independent production strategy, which has since allowed the country greater flexibility on quotas and capital allocation.
Investment context
Recent reforms include the consolidation of upstream regulation under ANPG, the launch of a permanent bidding cycle, the introduction of marginal field development incentives, and the gradual privatization of Sonangol non-core assets under PROPRIV. The Angola LNG facility at Soyo continues to be a strategic gas monetization asset.
For event organizers, the sector’s signature event is the Angola Oil & Gas (AOG) Conference, held annually at the Talatona Convention Centre under the patronage of the Ministry of Mineral Resources, Petroleum and Gas (MIREMPET).