Angola rewrote the rules for oil investment - other African producers must take notes
Angola has transformed its oil industry from one facing long-term decline into a market attracting renewed investment, according to the publication.
Under President João Manuel Gonçalves Lourenço and Mineral Resources, Oil and Gas Minister Diamantino Pedro Azevedo, the government introduced a wide-ranging overhaul of the sector aimed at improving transparency and boosting exploration.
Central to the reforms was the creation of the National Agency for Petroleum, Gas and Biofuels (ANPG), alongside the restructuring of state oil company Sonangol. The ANPG was mandated to regulate the sector and streamline licensing, while Sonangol refocused on operational activities and international partnerships.
Since the changes, Angola has launched a multi-year licensing strategy targeting 60 concessions, with 40 awarded to date.
Authorities also introduced more flexible licensing arrangements to attract investment during periods of market volatility.
A Permanent Offer regime, introduced in 2021, allows oil blocks to remain available for bidding outside traditional licensing rounds. Between 2021 and 2023, 27 blocks were awarded under the scheme.
The government has also introduced measures to encourage development of marginal fields and incremental production, aimed at boosting output from mature assets.
An Incremental Production Decree, introduced in 2024, is intended to extend the life of existing fields and encourage reinvestment. According to Ayuk, it could unlock up to 500 million additional barrels of oil and extend field life by as much as 20 years. ExxonMobil recorded the first discovery under the framework in 2024 at the Likember-01 well in Block 15.
Gas development focus
Angola has also prioritised natural gas as part of its broader energy strategy. The country holds an estimated 11 trillion cubic feet of gas resources and has introduced policy reforms aimed at developing both associated and non-associated gas production.
The Gas Monetisation Law (2018) and Gas Master Plan (2025) provide a framework for investment in the sector. The New Gas Consortium brought the country’s first non-associated gas project online in 2026, while Azule Energy made a dedicated gas discovery at Block 1/14.
Efforts to strengthen the downstream sector have also been under way, as Angola seeks to reduce reliance on imported fuel.
Despite producing more than one million barrels per day, the country imports around 70% of its refined petroleum products.
To address this, the government established the Instituto Regulador dos Derivados do Petróleo and set out plans for three additional refineries, including facilities in Cabinda, Lobito and Soyo. The Cabinda refinery became operational in 2025, while Lobito is seeking financing and Soyo is in development.
Analysts say the reforms reflect a broader strategy to increase domestic value addition and improve energy security.
“Angola proved that African oil markets do not decline because resources disappear, but because policy becomes rigid, institutions weaken and investment confidence is lost,” Ayuk said.
“What Angola achieved through reform and political will is a lesson for producing nations: create a competitive environment and capital will follow.”
