The National Agency for Oil and Gas of Angola (ANPG) announced that it will sign an exclusive negotiation agreement with the multinational oil company Shell on November 3. The pact aims at the exploration and development of Blocks 19, 34, and 35, as well as ultra-deepwater reserves, according to a statement released by the institution on Thursday (30).
The ANPG described the event as a historic milestone for Angola’s oil sector, emphasizing that the agreement strengthens Shell’s presence in the country. The institution highlighted that this strategic step reinforces confidence in the sector’s potential and in the investment opportunities available in Angola.
Shell returned to Angola in November 2024, after a 25-year absence. During the celebration of its return, the Minister of Natural Resources, Petroleum and Gas, Diamantino de Azevedo, stated that the multinational’s reentry reflects the success of Angola’s investment attraction efforts and underscores the country’s significant petroleum resource potential.
Angola is Sub-Saharan Africa’s second-largest crude oil producer, behind only Nigeria. The country has been implementing major regulatory reforms to make the sector more attractive to investors and to ensure stable oil production.
The goal of these reforms is to maintain oil production above one million barrels per day. To achieve this, authorities have been promoting legal and regulatory changes to facilitate new investments and encourage strategic partnerships with international energy companies. The agreement with Shell fits within this context of reform and Angola’s ongoing efforts to expand exploration in ultra-deepwater reserves.
With this initiative, Angola seeks to consolidate its position as one of the region’s leading oil producers while attracting investments that ensure sustainable growth and energy security.
Source: Reuters
