Luanda, Nov. 3, 2025 (Lusa) - The Angolan oil concessionaire and multinational Shell on Monday signed an agreement with the terms of the contract for the exploration and development of 17 blocks in ultra-deep waters, an initial investment of almost US$1 billion (€860.5 million).
This agreement marks Shell's return to Angola after 20 years and is a continuation of the memorandum of understanding signed in November 2024, now with the definition of the terms that will be included in the contract to be signed and approved by the Angolan Cabinet.
Speaking to the press after the signing of the agreement in Luanda, the chairman of the board of directors of the National Agency for Petroleum, Gas and Biofuels (Anpg) highlighted Shell's "grand return", because it will now operate a total of 17 blocks in the concession areas, namely Blocks 19, 34 and 35 and 14 other blocks.
"In addition, as announced by Shell's senior vice-president himself, it will also participate as a partner in Block 33," said Paulino Jerónimo, stressing that a detailed assessment of the 17 concessions is expected to be carried out in the coming years.
According to Jerónimo Paulino, Shell's return is important because Angola's struggle has been to maintain production at a level above one million barrels per day, hence the incremental production project from more fields, "purely and simply to maintain production at the one million level".
"New discoveries are needed to continue to maintain this level and possibly achieve growth, which is why we continue to award concessions for exploration activities, as was the case with these 17 blocks awarded to Shell," he stressed.
Jerónimo Paulino pointed out that Shell's selection for the 17 blocks was the result of direct negotiations, because this oil company "expressed its interest in re-entering Angola years ago, or rather, at least two years ago".
"As there are two possibilities - at no point are we breaking the law - we are going for what seems most favourable to us at the time, which is direct negotiation," he stressed.
The president of ANPG said that other companies already operating in the Angolan market have expressed interest in new investments, adding that negotiations are underway for three new blocks in the Namibe Basin with a new consortium already operating in Angola, and others in the free area of two concessions, also with companies already operating in Angola.
For his part, the minister for mineral resources, oil and gas, Diamantino Azevedo, pointed out that the work for Shell's return has been finalised with the agreement signed, hoping that "all the effort and investments that will be made in the prospecting phase will bring results and can then move on to the development and production phase".
"This is the beginning of more prospecting activity in the country, with several blocks in deep and ultra-deep waters, and we hope that some of them will result in productive activity. This means that the country continues to demonstrate that it is an interesting hub for oil activity, that we still have potential for oil exploration and that it is important for us to combat the decline in oil production," he said.
According to the minister, the decline in oil is natural and the way forward is to look for oil, stating that the government will maintain its daily production target of over one million barrels of oil for a few more years.
Shell's senior vice-president, Eugene Okepere, in a brief statement to the press, highlighted Shell's return, 20 years later, to Angola, a country with high potential, expressing prospects for major investments in the Portuguese-speaking country and gratitude for the collaboration of the Angolan government and the national oil concessionaire.
The company will operate Blocks 19, 34 and 35, located in ultra-deep waters in the Kuanza basins, and a further 14 blocks in ultra-deep waters in the lower Congo and Kuanza basins, in a consortium that includes Equinor and Sonangol E&P.
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