Angola’s National Oil, Gas and Biofuels Agency (ANPG) is set to sign an exclusive exploration and development agreement with global energy major Shell. This agreement covers offshore Blocks 19, 34, and 35, along with several ultra-deepwater assets.
The signing ceremony, slated for November 3, marks Shell’s return to Angola after nearly two decades. This move signals renewed international confidence in the country’s upstream oil and gas industry.
In a statement, the ANPG hailed the deal as “a historic moment for the Angolan oil sector, consolidating Shell’s presence and long-term commitment to the country.”
Angola’s Oil Resurgence
After years of declining output caused by ageing oil fields and limited investment, Sub-Saharan Africa’s second-largest crude producer is entering a new phase of revitalization.
The government’s recent fiscal and regulatory reforms have successfully repositioned Angola. It is now a competitive destination for global energy investment. This has sustained crude production above one million barrels per day.
A key pillar of this recovery is the Cabinda Refinery Project, the first major refinery to be built in Angola since independence nearly five decades ago. The facility is expected to come online by late 2025. It will process approximately 30,000 barrels per day, cutting the country’s dependence on imported refined fuels and bolstering domestic supply capacity.
The refinery initiative is also aligned with the government’s gradual removal of fuel subsidies. This is part of a broader strategy to stabilize public finances and reduce fiscal pressure while advancing energy self-sufficiency.
Angola’s proactive policy environment is now drawing back major international oil companies, with Shell’s re-entry joining recent expansions by TotalEnergies, Chevron, and BP.
