Luanda: Investment in Angola's oil sector over the past nine years amounted to approximately USD 99 billion, Minister of State for Economic Coordination Jos© de Lima Massano said on Wednesday in Luanda. Speaking at the opening of the 7th Angola Oil and Gas (AOG 2026) International Conference and Exhibition, the government official stated that during the period under review, 38 exploration wells were drilled, resulting in 16 discoveries.
According to Angola Press News Agency, the Minister also reported the negotiation of 72 new concessions, of which 44 have already been signed, while the remaining 28 are awaiting approval. The Minister of State stressed that Angola remains committed to developing its oil and gas sector in a responsible, competitive, and sustainable manner. He advocated creating added value domestically from natural resources in order to generate greater economic activity, employment, and skills development.
In this regard, Jos© de Lima Massano outlined reforms and initiatives aimed at creating better conditions for the comprehensive development of the oil and gas industry. During his remarks, he acknowledged the challenges posed by climate change and the need to advance towards a just energy transition. In this context, he pointed to a gradual, balanced, and inclusive transition capable of reconciling decarbonisation objectives with the imperative of Angola's economic and social development.
'We will continue to produce hydrocarbons, but we will do so in an increasingly responsible, efficient, and sustainable manner, through the use of efficient technologies and the consolidation of a diversified energy mix, combining hydrocarbons and natural gas with hydroelectric, solar, wind, and biomass energy,' he said. Jos© de Lima Massano highlighted the continued expansion of the exploration frontier through the discovery of new resources, reserve replenishment, and the creation of the conditions required to sustain production in the long term.
Regarding gas production, he noted that the reforms have enabled a remarkable transition. In this segment, the Minister of State emphasized that the ongoing reforms have delivered significant progress. He said the sector has become increasingly important, with a focus on the exploration of non-associated gas fields and the development of large-scale projects.
On the occasion, he encouraged greater investment in local content so that more Angolan companies can supply goods and services to the oil industry and more qualified national professionals can participate in the various stages of the value chain. He reaffirmed the Angolan Government's commitment to contractual stability, legal certainty, predictability, and a competitive business environment.
Addressing investors, he invited them to invest across the country's entire oil and gas value chain, while also considering other sectors of the economy with recognized potential. Held under the theme 'Investing in Angola's Future', the two-day conference brings together specialists and companies from the sector to discuss, among other issues, oil and gas exploration and production, energy transition, and sustainability.
