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Angola’s President, João Lourenço, has described the oil industry as the backbone of his country’s economy, stressing that petroleum has played a decisive role not only in generating national revenue but also in improving the lives of millions of citizens. He made these remarks during the Angola Oil and Gas Conference and Exhibition, which coincides with the country’s 50th anniversary of independence.
According to the President, oil continues to stand as a major pillar of Angola’s development. The revenues from crude exports have funded social programmes, health care, education, and infrastructure that have shaped the nation since independence. He explained that Angola’s growth story cannot be separated from oil because the sector has been central to the country’s economic stability and social transformation.
Lourenço, however, stressed that his government remains committed to economic diversification. He noted that while oil and gas will continue to support the economy, the long-term goal is to ensure sustainable use of resources, transparency in management, and preparation for future challenges such as the global energy transition. “Our duty is to make sure that oil benefits not just today’s generation, but those who will come after us. We must balance economic growth with social justice and environmental protection,” the President said.
He pointed out that the Angola Oil and Gas Conference is more than a corporate gathering. For him, it is a strategic platform that allows Angola to attract investment, strengthen international partnerships, and share knowledge across the energy value chain. He emphasised that collaboration with global energy companies and investors will be vital to sustaining Angola’s energy future.
Looking back at history, President Lourenço recalled that five decades ago, Angolans fought and won their independence in 1975, laying the foundation for a new future based on determination and resilience. He explained that shortly after independence, the government established key institutions that built the country’s petroleum industry. The creation of the National Fuel Company of Angola (Sonangol) in 1976 and the passing of the first Petroleum Activities Law in 1978 gave the country a strong framework to develop and manage its natural resources.
The President added that with training, recruitment, and integration of Angolan professionals, the oil and gas industry became one of the strongest in Africa, generating revenues that continue to sustain development programmes. He noted that the vision of the independence leaders was to use natural resources as a tool for national prosperity and better living standards for citizens.
He used the independence anniversary to reflect on the need to manage resources more wisely. According to him, the global energy landscape is changing, with more focus on renewable energy and sustainable practices. Angola must therefore not only continue exploring and producing oil but also embrace innovation, diversify energy sources, and encourage renewable energy development.
The President highlighted that since he assumed office in 2017, his administration has approved several legal reforms to make Angola’s energy sector more competitive. These measures were designed to attract private investment, promote local content, and strengthen regulation. He explained that the governance model for the oil sector has been redefined to clearly separate the roles of concessionaires, regulators, inspectors, and operators, thereby ensuring greater efficiency and transparency.
The Angola Oil and Gas Conference brought together top government officials, local and international business leaders, and energy experts to discuss the challenges and opportunities in the oil and gas industry. With the world moving towards cleaner energy, the conference focused on how Angola can balance traditional oil production with the demands of the global energy transition.
Experts at the event agreed that Angola’s long-term success will depend on how well it manages oil wealth while diversifying into new areas like renewable energy, agriculture, and manufacturing. They also pointed out that attracting foreign investment, strengthening local content, and building technical capacity among Angolans will be crucial in ensuring sustainable growth.
President Lourenço concluded by reminding Angolans that the journey of independence was about creating a better future. He said that with determination, investment in human capital, and responsible use of resources, Angola can continue to grow and position itself as a key player in Africa’s energy sector.
