Finance
Angola to sign exclusive oil exploration agreement with Shell, government says
Published by Global Banking and Finance Review
Posted on October 31, 2025
1 min readLast updated: January 21, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on October 31, 2025
1 min readLast updated: January 21, 2026
Angola's ANPG will sign an exclusive oil exploration agreement with Shell, covering several blocks, to boost its oil sector.
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)
Oil exploration is the process of searching for oil reserves beneath the Earth's surface. It involves geological surveys, drilling, and testing to determine the presence and quantity of oil.
Ultra-deep water blocks refer to offshore oil and gas exploration areas located in very deep waters, typically over 1,500 meters deep, requiring advanced technology and equipment for extraction.
Angola is the second-largest crude oil producer in Sub-Saharan Africa, playing a vital role in the global oil market and attracting significant foreign investment in its energy sector.
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