Angola’s state oil company Sonangol has secured $2.65 billion in financing from a consortium of international banks to support its operations and investment plans. The funding comes at a critical time for Angola’s oil sector, which continues to face declining production and rising infrastructure investment needs.
The financing was provided by four foreign banks, including France’s Société Générale, the United Arab Emirates’ First Abu Dhabi Bank, South Africa’s Standard Bank, and Absa. Sonangol confirmed that the funds will be used to cover operating expenses and capital expenditure, although the company did not disclose details such as the interest rate, maturity period, or financing structure.
The agreement reflects Sonangol’s efforts to expand its funding sources through bank partnerships, loans, and other financing instruments. As Angola remains heavily dependent on oil revenues, securing external financing is important for maintaining production, supporting energy infrastructure, and funding new investment in the sector.
The financing comes as Angola works to address challenges caused by falling oil output. In July 2025, the country’s oil production dropped below 1 million barrels per day, its lowest level since March 2023, due to the natural decline of offshore fields and a long-standing lack of investment.
Maintaining and increasing oil production will require continued financing for development drilling, field development projects, and maintenance of existing facilities. The new funding is expected to help Sonangol meet near-term operational needs while supporting broader efforts to strengthen Angola’s energy sector and protect a key source of national revenue.
