Angola Records 16 Oil Discoveries from 38 Exploration Wells

Angola has recorded 16 oil and gas discoveries from 38 exploration wells drilled over the past nine years, as the country steps up efforts to replenish reserves and sustain production, Minister of State for Economic Coordination José de Lima Massano said on Wednesday.

The discoveries were made during a period in which Angola’s oil sector attracted about $99 billion in investment, Massano said at the opening of the seventh Angola Oil & Gas International Conference and Exhibition in Luanda.

The exploration campaign also coincided with the negotiation of 72 new oil and gas concessions, 44 of which have been signed while 28 are awaiting approval.

Angola targets long-term production

Massano added that continued exploration remained important to discovering new resources and replacing reserves as existing fields mature.

The government is seeking to create conditions for further investment through contractual stability, legal certainty and a more predictable and competitive business environment.

Angola is also placing greater emphasis on natural gas, particularly the development of non-associated gas fields and large-scale gas projects, as the sector becomes a more important part of the country's energy industry.

Massano called for more investment across the oil and gas value chain and greater participation by Angolan companies in supplying goods and services to the industry.

He revealed that the government wanted local content to create more economic activity, employment and opportunities for skilled Angolan professionals.

Angola also plans to maintain hydrocarbon production while gradually diversifying its energy mix with hydropower, solar, wind and biomass as it responds to climate and energy-transition pressures.

“We will continue to produce hydrocarbons, but we will do so in an increasingly responsible, efficient and sustainable manner,” Massano said.

The two-day AOG 2026 conference, themed “Investing in Angola’s Future”, is bringing together industry specialists and companies to discuss exploration and production, energy transition and sustainability.