Angola Awards $54.4 Billion in Oil Contracts to Boost Local Content, Jobs, and Economic Diversification
Angola’s oil industry awarded contracts worth $54.4 billion between 2022 and 2025, with 97% allocated to domestically registered companies, the Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, announced.
Speaking at the Annual Local Content Conference in Luanda, Azevedo said the contracts, approved by the National Agency of Petroleum, Gas and Biofuels (ANPG), cover investments across exploration, development, operations, and associated service provision.
Of the total value, approximately $52.6 billion went to Angolan-registered firms, including wholly nationally owned companies and joint ventures with mixed capital structures. The remaining 3%, about $1.8 billion, was awarded to foreign companies.
“The fundamental goal is to ensure that investments in the oil sector generate more jobs, transfer technology, strengthen national entrepreneurship, and create value for Angola’s economy,” Azevedo said.
Local content initiatives focus on Angolan company participation, the use of domestically produced goods and services, and the hiring and training of national workers.
The minister highlighted strong progress in workforce localization. In the upstream sector (exploration and production), the oil industry employs 42,568 workers, with 37,034 (87%) Angolan nationals.
Approximately 5,800 Angolans hold management and leadership positions, reflecting growing local expertise in key roles.
In the downstream sector (distribution and marketing), Angola operates 931 service stations, providing roughly 37,240 jobs, primarily for young professionals aged 25 to 45.
Expansion plans aim to add 50 more stations by 2027, creating an estimated 2,250 direct and indirect jobs.
Despite these gains, Azevedo acknowledged ongoing challenges. Wholly Angolan-owned companies accounted for only 8% of hiring in 2025, though this represents progress over previous years.
Structural constraints include limited technological capacity, access to financing, and the consolidation of national firms, as well as difficulties linked to the current exchange rate framework.
Angola’s oil production has faced declines since 2016, with annual reductions of 10–15%, mainly due to the maturity of existing fields and a lack of exploratory investment. However, signs of recovery are emerging, with $99 billion invested between 2017 and 2025 and a projected $66 billion by 2030.
Azevedo highlighted new discoveries and the sector’s potential, citing resources exceeding one billion barrels of oil and approximately one trillion cubic feet of gas.
He also emphasized the growing role of natural gas, guided by the Gas Law and Gas Master Plan, as a foundation for developing industries such as fertilizers, steel, and petrochemicals, supporting Angola’s broader economic diversification strategy.
“The oil and gas sector remains a cornerstone for Angola’s development, but local content, job creation, and diversification are central to ensuring sustainable growth,” Azevedo concluded.
