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Finance

Angola to sign exclusive oil exploration agreement with Shell, government says

Published by Global Banking and Finance Review

Posted on October 31, 2025

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CAPE TOWN (Reuters) -Angola's national oil and gas agency, ANPG, will sign an exclusive negotiation agreement with oil major Shell to explore and develop Blocks 19, 34, 35 as well as ultra-deep water blocks, it said in a statement late on Thursday.

The signing ceremony will take place on November 3.

"This event marks a historic moment for the Angolan oil sector, consolidating Shell's presence in Angola," Angola's National Oil, Gas and Biofuels Agency said.

Angola is Sub-Saharan Africa's second-largest crude oil producer after Nigeria. It has undertaken major regulatory reforms to attract new investment into its energy sector, aimed at keeping production above 1 million barrels per day.

(Reporting by Wendell Roelf; Editing by Jacqueline Wong)