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 Oil is the backbone of the Angola’s
economy. This sector makes up over 90% of the Country’s
exports. The first oil surveys date back to 1906, and it
was not until 1955 that the first oil well was discovered.
In 1966, Cabinda Gulf Oil Company discovered important oil
reserves in Cabinda. From then on, oil started playing one
of the most important roles in the Angolan economy, having
surpassed coffee in oil exports as of 1973.
As independence was proclaimed in 1975, Angola ranked third
on the list of Africa’s most important oil producing
countries after Nigeria and Gabon. Angola is currently the
second oil producer with 1 million b/d output, and it is
expected that by next year it will overtake Nigeria, with
a current output of 2.3 million b/d. Second to oil, diamonds
are Angola’s main export product. Major diamond reserves
are located in northeastern Angola, a region endowed with
the finest and top quality stones. In fact, 70% of diamonds
discovered are of great quality, listing the country among
the main diamond producers.
 Angola’s underground is also abundant
with other minerals. From 1950s through 1975, iron ores
were explored in provinces such as Malange, Bié,
Huambo, and Huíla, and average output reached 5.7
million tons per year between 1970 and 1974. The most explored
minerals were exported to Japan, Germany, and the United
Kingdom, earning Angola $ 50 million a year.
In addition to iron ores, Angola has phosphate
deposits estimated at 150 million tons, located in the provinces
of Cabinda and Záire. These resources have so far
been unexplored. In Southeastern Angola in the provinces
of Namibe and Huíla, marble, granite, and quartz
reserves abound. Marble is especially consumed at the local
market, while black granite is on demand and exported to
United States and Japanese markets.
 Angola also enjoys a considerable agricultural
potential having a climate, soil, and topography appropriate
for modern and large scale agricultural production of a
wide range of crops. Thus, the country’s underground
is immensely rich with minerals including oil, diamonds,
gold, and iron ores. Furthermore, the country has an important
hydropower, forest, and fishery potential.
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