President João Lourenço Highlights Angola’s Oil Sector Reforms and New Exploration Achievements
In his State of the Nation Address to the National Assembly, marking the opening of the 2025–2026 parliamentary year, President João Lourenço highlighted the significant progress achieved through Angola’s ongoing oil sector reforms.
The President underscored the successful implementation of the Oil Concession Allocation Strategy (2019–2025), which has already led to the allocation of 37 new oil concessions by the first half of this year, with several more currently under negotiation.
He also reaffirmed the government’s commitment to the Hydrocarbons Exploration Strategy (2020–2025), aimed at discovering new oil and natural gas resources. This initiative has enabled the drilling of over 30 exploration wells, resulting in multiple commercial discoveries and the identification of new exploration opportunities across the country.
These government actions align closely with the recommendations of economist Arsénio Bumba, who has repeatedly emphasized the need to accelerate oil block allocations to maximize national revenues and finance the diversification of Angola’s economy.
According to Bumba, Angola has a limited 20–25-year window to optimize oil and gas revenues before these resources begin to lose global relevance amid the global energy transition toward carbon neutrality by 2050, as outlined in the Paris Agreement and the objectives set at COP28 and COP29.
“The global energy transition is inevitable. The time to act is now. Every lost year is a wasted opportunity. Angola’s future depends on the decisions we make today,”
warned Arsénio Bumba.
The economist argues that the extraordinary revenues generated by the oil sector should be strategically reinvested to develop new pillars of economic growth — including agriculture, agribusiness, manufacturing, technology and the digital economy, sustainable tourism, and technical and higher education.
Bumba contends that targeted investment in these sectors could position Angola among the five largest African economies by 2050, supported by a diversified and modern production structure capable of sustaining a population exceeding 50 million.
President João Lourenço’s address reaffirmed this vision, emphasizing that Angola’s oil wealth must serve as a catalyst for economic diversification and sustainable development — while the country still benefits from the global demand for hydrocarbons during the energy transition period.
