Shell to expand Angola footprint with exclusive oil block deal.
Angola’s National Oil, Gas and Biofuels Agency (ANPG) will sign an exclusive negotiation agreement with oil major Shell to explore and develop Blocks 19, 34, and 35, along with several ultra-deepwater fields, the agency announced in a statement late Thursday.
The signing ceremony is scheduled for November 3, marking what the ANPG described as “a historic moment for the Angolan oil sector, consolidating Shell’s presence in Angola,” according to Reuters.
Business Insider Africa reported that the oil giant’s return to Angola after a 20-year absence signals growing confidence in the country’s oil sector, as recent reforms aimed at attracting international investment begin to take effect.
Angola, Sub-Saharan Africa’s second-largest crude oil producer, has faced years of production decline amid underinvestment and ageing oil fields.
But in recent years, the government has introduced a series of regulatory and fiscal reforms designed to revive the sector and maintain output above 1 million barrels per day.
These reforms are now drawing results, with major international oil companies returning to the country’s deep and ultra-deep waters.
A centrepiece of Angola’s renewed energy drive is the long-delayed Cabinda refinery, the first built since independence nearly five decades ago.
Expected to begin operations before the end of 2025, the 30,000-barrel-per-day facility will help reduce reliance on expensive fuel imports and strengthen domestic refining capacity.
Source: Africabusinessinsider