Oil financialization in Angola
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Abstract
After a civil war that lasted from 1961 to 1975, Angola reached its independence from Portugal; in November of 1975, before Angola get full independence, different factions with different political orientations began a new confrontation for power, which lasted until 2002. The angolan territory is rich in natural resources that have been greeded for a long time, and it is not surprising to deduce that the neocolonial dispute that lasted for such a long period of time has its explanation based on these elements.
Angola is a big oil producer in sub-Saharan Africa, producing approximately 1.3 million barrels of oil per day. In recent years, it has experienced an impressive rate of economic growth, driven by its oil and gas industry. The country welcomes to several of the world's largest oil and gas companies, such as TotalEnergies, ExxonMobil, British Petroleum and Eni. The aforementioned companies earn handsome profits from the extraction of black gold and the financialization of highly sophisticated instruments that are listed on global financial markets. On the other hand, Angola is striving to continue controlling the exploitation of these fossil energy resources through the state-owned company Sonangol. This article will take stock of the management of this state-owned company versus the financialization represented by the financial instruments of the oil companies that have operated in Angolan territory.
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