The Angolan government has announced plans to sign an exclusive oil exploration and production agreement with Shell, aimed at boosting the country’s upstream output and attracting fresh foreign investment into its energy sector.
According to a statement from the Ministry of Mineral Resources, Petroleum and Gas on Thursday, the deal will grant Shell exploration rights in new offshore blocks in the Lower Congo Basin. The ministry noted that the agreement aligns with Angola’s national strategy to revitalize oil production, which has declined in recent years due to aging fields and limited investment.
Minister of Petroleum Diamantino Azevedo said the partnership reflects renewed investor confidence in Angola’s oil sector reforms. “Shell’s commitment underscores Angola’s role as a reliable energy partner and its readiness to collaborate with international oil companies to drive sustainable production,” Azevedo stated in Luanda.
Reuters and Bloomberg both reported that the agreement could see Shell invest over $1 billion in exploration and appraisal activities over the next five years. The government expects initial drilling to commence in 2026, pending regulatory approval.
