Angola’s state-owned energy company, Sonangol E.P., reported a net profit exceeding $750 million for the 2025 financial year. Despite the substantial profit, the figure represents an 11% decline from approximately $807 million in 2024, largely due to a 14% drop in average crude oil prices to $69.09 per barrel.
Turnover fell 13% to $9.1 billion.
Oil & Gas Production: Averaged 217,000 barrels of oil equivalent per day (boepd).
EBITDA Reported at more than $2.5 billion, down from $3.45 billion the previous year.
China remained the top buyer, absorbing 69% of Angolan crude exports.
Sonangol is pivoting toward the energy transition, securing seven concessions to explore for uranium, lithium, and quartz.
Refining Capacity: Phase one of the Cabinda refinery is complete, expected to add 30,000 bpd by March 2026.
IPO Status , While the company was recently removed from the immediate state privatisation program, executives confirmed they are still preparing for an Initial Public Offering (IPO) of a 30% stake once market conditions improve.
Earlier in 2026, the firm successfully raised $750 million through its debut international bond private placement to support restructuring and capital needs.
Note by Alessandro Bazzoni