A well-lit gas station in an urban area during nighttime, featuring bright signage and fueling stations.
Sonangol, is setting its sights beyond crude as it explores a strategic pivot into critical minerals essential for the global energy transition. The move comes as the company reported a dip in net profit to just over $750 million in 2025, down from roughly $807 million the previous year. While Sonangol remains a heavyweight in offshore oil and gas—producing 217,000 barrels of oil equivalent per day—it now holds seven concessions to explore for uranium, lithium, and quartz. The shift occurs as Angola, Sub-Saharan Africa’s second-largest oil producer, continues to overhaul its regulatory landscape to attract major players such as TotalEnergies and Chevron. Meanwhile, the government’s long-discussed plan to sell a 30% stake in Sonangol remains on hold, with executives citing unfavorable conditions as other state assets head to the auction block this year.
Reuters