British multinational Shell has signed a Memorandum of Understanding (MoU) with Angola’s National Petroleum, Gas and Biofuels Agency (ANPG), in partnership with Chevron and Sonangol, signaling its return to the country after a two-decade absence.
The agreement aims to facilitate joint studies for exploration in Block 33/24, located in the Lower Congo Basin.
The announcement was made during the Angola Oil & Gas Conference 2025 (AOG25), where Minister of Mineral Resources, Petroleum and Gas Diamantino Azevedo emphasised the improved investment climate, stating, “Where there is tranquility and a good business climate, investment comes.”
He highlighted institutional reforms, greater legal predictability, and measures to enhance competitiveness as key drivers behind Angola’s attractiveness to investors.
According to Shell Executive Vice President Eugene Okpere, Angola remains a strategic destination for oil investment due to the improved business environment and tax incentives introduced by the Angolan government.
This agreement forms part of ANPG’s Permanent Offer strategy, allowing direct negotiations for previously unawarded blocks.
Shell’s return signals renewed confidence in Angola’s geological potential and institutional capacity, potentially encouraging other international oil majors to explore deep and ultra-deepwater opportunities, supporting Angola’s domestic oil industry revitalization.
Source: https://energynewsafrica.com
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