During the 2000s, Petro won the league championship in 2006 and 2007 but saw arch-rivals Primeiro de Agosto win most of the trophies this decade.

On 26 November 2006, Petro de Luanda won its first-ever continental title after winning the 2006 FIBA Africa Clubs Champions Cup in Lagos.

On 19 December 2015, they won their second continental title after taking the 2015 FIBA Africa Clubs Champions Cup at home in Luanda.

As the champions of the 2018–19 national championship, Petro qualified for the inaugural season of the Basketball Africa League (BAL).

In the 2021–22 season, Petro won the triple crown; winning its 15th national title, the Angolan Cup and the Supercup.

On March 20, 2024, Petro announced it had terminated its contract with José Neto, ending his four-year tenure as head coach.

[8] Under Valdeolmillos, Petro recovered and on June 1, 2024, won their first-ever BAL championship after defeating Al Ahly Ly from Libya in the final.