Friends of Angola
Research Report
June 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 Category | Amount (US$) |
| Taxes | 23,833,000 |
| Royalties | 328,357,000 |
| Production Entitlements | 1,513,749,000 |
| Bonuses | 66,440,000 |
| Fees | 642,000 |
| Mandatory Community & Social Responsibility (CSR) | 7,752,000 |
| Total Payments | 1,940,773,000 |
2024
| Payment Category | Amount (US$) |
| Taxes | 80,086,000 |
| Royalties | 303,386,000 |
| Production Entitlements | 1,330,190,000 |
| Bonuses | 20,000,000 |
| Fees | 663,000 |
| Mandatory Community & Social Responsibility (CSR) | 3,265,000 |
| Total Payments | 1,737,589,000 |
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$80.1 million.
ExxonMobil Payments to the Government of Angola
2023
| Payment Category | Amount (US$) |
| Taxes | 449,660,000 |
| Royalties | 0 |
| Production Entitlements | 1,789,763,000 |
| Bonuses | 0 |
| Fees | 310,000 |
| Mandatory Community & Social Responsibility (CSR) | 0 |
| Total Payments | 2,239,733,000 |
2024
| Payment Category | Amount (US$) |
| Taxes | 456,531,000 |
| Royalties | 0 |
| Production Entitlements | 2,509,081,000 |
| Bonuses | 0 |
| Fees | 384,000 |
| Mandatory Community & Social Responsibility (CSR) | 0 |
| Total Payments | 2,965,997,000 |
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 | Chevron | ExxonMobil | Combined Total |
| 2023 | 23,833,000 | 449,660,000 | 473,493,000 |
| 2024 | 80,086,000 | 456,531,000 | 536,617,000 |
Royalties
| Year | Chevron | ExxonMobil | Combined Total |
| 2023 | 328,357,000 | 0 | 328,357,000 |
| 2024 | 303,386,000 | 0 | 303,386,000 |
Production Entitlements
| Year | Chevron | ExxonMobil | Combined Total |
| 2023 | 1,513,749,000 | 1,789,763,000 | 3,303,512,000 |
| 2024 | 1,330,190,000 | 2,509,081,000 | 3,839,271,000 |
Bonuses
| Year | Chevron | ExxonMobil | Combined Total |
| 2023 | 66,440,000 | 0 | 66,440,000 |
| 2024 | 20,000,000 | 0 | 20,000,000 |
Fees
| Year | Chevron | ExxonMobil | Combined Total |
| 2023 | 642,000 | 310,000 | 952,000 |
| 2024 | 663,000 | 384,000 | 1,047,000 |
Mandatory Community and Social Responsibility (CSR) Payments
| Year | Chevron | ExxonMobil | Combined Total |
| 2023 | 7,752,000 | 0 | 7,752,000 |
| 2024 | 3,265,000 | 0 | 3,265,000 |
Total Contributions to the Government of Angola
| Year | Chevron | ExxonMobil | Combined Total |
| 2023 | US$1,940,773,000 | US$2,239,733,000 | US$4,180,506,000 |
| 2024 | US$1,737,589,000 | US$2,965,997,000 | US$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)).