Investments in Angola’s active oil concessions, excluding new blocks auctioned, reached $47 billion between 2018 and 2022 and are projected to exceed $72 billion between 2023 and 2027.
This information was provided by the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, during the first edition of “Conversations without Makas,” hosted by economist Carlos Rosado de Carvalho.
The event focused on the future contributions of oil, gas, and critical minerals to Angola’s economy.
Azevedo revealed plans to bid for at least 55 concessions by 2027, with 32 awards already concluded and 15 blocks in permanent offer.
He emphasized the government’s objective to stabilize oil production at one million barrels per day, leveraging the development of marginal fields, the redevelopment of mature fields, and incentives for incremental production.
To support this strategy, the number of rigs increased from 11 in 2017 to 16 in 2023, and 98 wells were completed between 2022 and 2024.
Azevedo reiterated Angola’s commitment to the energy transition, stating the country will not adhere to external agendas but aims to produce oil with comprehensive decarbonization measures.
“In the future, oil will be sold better. It is a political but also a commercial issue,” he emphasized.
Regarding the mining sector, Azevedo outlined several ongoing projects, including:
- Luanda Gold Refinery (2025)
- Dundo Development Hub (2026)
- Diamond Exchange (2026)
- Kassinga Integrated Mining and Steel Project (2026)
- Soyo Fertilizer Factory (2027)
- Rare Earths Project (2026)
- Namibe Ornamental Rocks Development Hub (2027)
In 2022, the oil sector accounted for 94% of Angolan exports, while the mining sector contributed 4.26%.
Azevedo also discussed the development of the gas sector, with first gas production from the new gas consortium expected by the end of 2025, six months ahead of schedule.
The government plans to complete the Gas Master Plan and ensure the supply of natural gas for the fertilizer and steel industries, as well as electricity production.
