Shell Plans $1 Billion Offshore Exploration Investment in Angola's 17 Blocks

Shell is making a significant return to Angola's offshore oil sector after two decades, committing about $1 billion to explore and develop 17 oil blocks, including Blocks 19, 34, 35, and Block 33 in partnership with other companies. This investment aligns with Angola's strategy to maintain crude production above one million barrels per day, a level critical to the nation's revenue, amid concerns about declining output. Angola's National Agency for Oil, Gas and Biofuels (ANPG) has facilitated this re-engagement by streamlining regulatory processes and offering transparent licensing, which has attracted major international energy companies back to the country. The exploration efforts will leverage advanced seismic surveys and ultra-deepwater drilling technologies to unlock reserves primarily in the Lower Congo and Kwanza Basins. The Angolan government and ANPG view Shell's return as a positive signal of confidence in the country's oil sector reforms and investment climate. Furthermore, negotiations for additional exploration blocks are ongoing, reflecting a broader push to sustain and potentially grow Angola's oil production capacity.