Angola’s oil revenue jumps 55% as government approves new fiscal incentives for blocks 34‑35

Angola reported oil revenues of $8.91 billion for the second quarter of 2026, a 54.71% increase over the same period a year earlier, driven by higher international prices. The average Brent price was $103.85 per barrel, up 28% from the previous quarter. Exports totaled about 88.12 million barrels, with China receiving 51.67% of the shipments, followed by India and Spain. Natural‑gas exports reached roughly 1.52 million tonnes, of which LNG accounted for 87%.

In parallel, the Angolan executive endorsed a set of fiscal measures aimed at attracting investment to offshore blocks 34 and 35. During a Council of Ministers session on 29 July, President João Lourenço authorised legislation to grant additional tax incentives, revise the production‑sharing agreement for Block 15, and enable risk‑service contracts in the two blocks. The package also includes the approval of the organic statute for the Angola Active Venture Capital Fund (FACRA) to support economic dynamism.