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By Friends of Angola
Research Report
July 2026
Executive Summary
Angola remains one of Africa’s largest oil-producing countries, with petroleum accounting for approximately 90% of exports and a substantial share of government revenues. Given the strategic importance of the oil and gas sector, transparency regarding payments made by multinational energy companies is essential for strengthening accountability, combating corruption, and ensuring that the country’s natural resource wealth benefits all Angolans.
This report analyzes payments made by Chevron Corporation and ExxonMobil Corporation to the Government of Angola during 2023 and 2024, using the companies’ official Resource Extraction Payment Reports (Form SD) submitted to the U.S. Securities and Exchange Commission (SEC) under Section 13(q) of the Securities Exchange Act of 1934. These disclosures report payments made to governments for the commercial development of oil and gas on a cash basis, including taxes, royalties, production entitlements, bonuses, fees, and mandatory community and social responsibility (CSR) payments. The figures reported in Form SD may differ from those in companies’ annual financial statements because they follow different reporting methodologies.
Chevron Payments to the Government of Angola
2023
Payment CategoryAmount (US$)
T axes23,833,000,
Royalties 328,357,000
Production Entitlements 1,513,749,000,
Bonuses 66,440,000Fees642,000
Mandatory Community & Social Responsibility (CSR)7,752,000Total
Payments1,940,773,000
2024
Payment CategoryAmount (US$)
Taxes 80,086,000Royalties303,386,000
Production Entitlements 1,330,190,000
Bonuses 20,000,000m
Fees 663,000
Mandatory Community & Social Responsibility (CSR)3,265,000
Total Payments1,737,589,000
Between 2023 and 2024, Chevron’s total reported payments to Angola declined by approximately 10.5%, largely due to lower production entitlements and royalties. However, the company’s tax payments increased significantly—from US$23.8 million to US$80.1 million.
ExxonMobil Payments to the Government of Angola
2023
Payment CategoryAmount (US$)Taxes449,660,000Royalties0Production Entitlements1,789,763,000Bonuses0Fees310,000Mandatory Community & Social Responsibility (CSR)0Total Payments2,239,733,000
2024
Payment CategoryAmount (US$)Taxes456,531,000Royalties0Production Entitlements2,509,081,000Bonuses0Fees384,000Mandatory Community & Social Responsibility (CSR)0Total Payments2,965,997,000
ExxonMobil’s payments to Angola increased by approximately 32% between 2023 and 2024, primarily due to a substantial increase in production entitlements. Tax payments remained relatively stable, rising modestly from US$449.7 million to US$456.5 million.
Combined Payments to the Government of Angola
Taxes
Year ChevronExxonMobilCombined Total202323,833,000449,660,000473,493,000202480,086,000456,531,000536,617,000
Royalties
Year ChevronExxonMobilCombined Total2023328,357,0000328,357,0002024303,386,0000303,386,000
Production Entitlements
Year ChevronExxonMobilCombined Total20231,513,749,0001,789,763,0003,303,512,00020241,330,190,0002,509,081,0003,839,271,000
Bonuses
YearChevronExxonMobilCombined Total202366,440,000066,440,000202420,000,000020,000,000
Fees
YearChevronExxonMobilCombined Total2023642,000310,000952,0002024663,000384,0001,047,000
Mandatory Community and Social Responsibility (CSR) Payments
YearChevronExxonMobilCombined Total20237,752,00007,752,00020243,265,00003,265,000
Total Contributions to the Government of Angola
YearChevronExxonMobilCombined Total2023US$1,940,773,000US$2,239,733,000US$4,180,506,0002024US$1,737,589,000US$2,965,997,000US$4,703,586,000
During 2023–2024, Chevron and ExxonMobil together transferred US$8.884 billion to the Government of Angola through taxes, royalties, production entitlements, bonuses, fees, and mandatory CSR payments.
Key Findings
- Production entitlements are Angola’s largest source of oil revenue
Production entitlements—representing the Government of Angola’s contractual share of crude oil under production-sharing agreements—accounted for US$7.143 billion, or more than 80% of all reported payments made by Chevron and ExxonMobil during the two-year period.
- ExxonMobil paid substantially more in taxes than Chevron
ExxonMobil paid US$906.2 million in taxes over the reporting period, compared with US$103.9 million paid by Chevron. These differences reflect variations in production volumes, contractual terms, operatorship, and the oil blocks in which each company participates.
- Chevron reported a broader range of payment categories
Chevron disclosed payments in all six reporting categories, including royalties, bonuses, and mandatory CSR expenditures. ExxonMobil’s Angola disclosures consisted primarily of taxes, production entitlements, and relatively small administrative fees.
- Taxes represent only a fraction of government receipts
Although tax payments often receive the greatest public attention, they represented approximately 11.4% of the combined payments reported by the two companies. The overwhelming majority of government revenue came from production entitlements under production-sharing agreements.
Why These Disclosures Matter
The SEC’s Resource Extraction Payment Disclosure Rule was established to improve transparency in the extractive industries by requiring publicly listed oil, gas, and mining companies to disclose payments made to governments. These disclosures enable citizens, journalists, investors, researchers, and oversight institutions to better understand how much governments receive from natural resource extraction and strengthen public accountability.
For Angola, where petroleum remains the cornerstone of the national economy, these disclosures provide valuable insight into the scale and composition of government revenues generated by two of the country’s largest international oil operators. They also contribute to informed public debate on resource governance, fiscal transparency, and the effective management of oil wealth.
Sources
- Chevron Corporation. Form SD – Resource Extraction Payment Report (Fiscal Years 2023 and 2024), U.S. Securities and Exchange Commission.
- ExxonMobil Corporation. Form SD – Report of Payments to Governments (Fiscal Years 2023 and 2024), U.S. Securities and Exchange Commission.
- The Fact Coalition. Report on Exxon and Chevron’s payments to the Angolan government 2023-2024
- U.S. Securities and Exchange Commission. Resource Extraction Payment Disclosure Rules (Section 13(q)).
About Friends of Angola
Friends of Angola (FoA) is an independent, nonprofit organization founded in 2014 and headquartered in Washington, D.C., with programs and activities in Angola. Its mission is to promote democracy, human rights, transparency, good governance, and civic participation through research, advocacy, investigative journalism, civic education, and youth empowerment.
FoA works closely with civil society organizations, journalists, policymakers, and international partners to combat corruption, strengthen democratic institutions, and protect fundamental freedoms. The organization also operates Radio Angola, supports investigative journalism and digital security initiatives, advances accountability through international advocacy, and holds Special Consultative Status with the United Nations Economic and Social Council (ECOSOC)and Observer Status with the African Commission on Human and Peoples' Rights (ACHPR).
For more information, visit: www.friendsofangola.org.
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