GBAF Logo
Finance

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

Published by Global Banking & Finance Review

Posted on October 31, 2025

1 min read

· Last updated: January 21, 2026

Add as preferred source on Google
Angola to sign exclusive oil exploration agreement with Shell, government says
oil and gas investment
Global Banking & Finance Awards 2026 — Call for Entries

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

Angola and Shell Set to Finalize Exclusive Oil Exploration Deal

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)

Key Takeaways

  • Angola's ANPG to sign a deal with Shell for oil exploration.
  • The agreement includes Blocks 19, 34, 35, and ultra-deep water blocks.
  • The signing ceremony is scheduled for November 3.
  • This deal strengthens Shell's presence in Angola.
  • Angola aims to keep oil production above 1 million barrels per day.

Frequently Asked Questions

What is oil exploration?
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.
What are ultra-deep water blocks?
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.
What is the significance of Angola in the oil industry?
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.

Tags

Related Articles

Image for Trump says he speaks with Putin and Zelenskiy -Fox News

Trump says he speaks with Putin and Zelenskiy -Fox News

Image for Trump tells Fox News Iran can call US if it wants to negotiate

Trump tells Fox News Iran can call US if it wants to negotiate

Image for Australia's Wong to visit Japan, China, South Korea to discuss energy security

Australia's Wong to visit Japan, China, South Korea to discuss energy security

Image for Hungary's Magyar to meet EU's von der ​Leyen for talks on EU funds this week

Hungary's Magyar to meet EU's von der ​Leyen for talks on EU funds this week

Image for Switzerland angers Italy by claiming costs of treating Crans-Montana fire victims

Switzerland angers Italy by claiming costs of treating Crans-Montana fire victims

Image for Russian defence minister visits North Korea

Russian defence minister visits North Korea

More from Finance

Explore more articles in the Finance category

Image for Fertiliser plant in Russia's Vologda region damaged in Ukrainian drone attack, governor says
Fertiliser plant in Russia's Vologda region damaged in Ukrainian drone attack, governor says
Image for Close Brothers will not take legal action against Britain's car finance redress scheme, Sky News reports
Close Brothers will not take legal action against Britain's car finance redress scheme, Sky News reports
Image for Germany's far-right AfD rises to record 28%, INSA poll shows
Germany's far-right AfD rises to record 28%, INSA poll shows
Image for German government suspects Russia of Signal attack targeting politicians, sources say
German government suspects Russia of Signal attack targeting politicians, sources say
Image for Romania finds parts of second drone after overnight Russian attack on Ukraine
Romania finds parts of second drone after overnight Russian attack on Ukraine
Image for China condemns EU's inclusion of Chinese entities in sanctions package against Russia
China condemns EU's inclusion of Chinese entities in sanctions package against Russia
Image for Russian parliament speaker in North Korea to mark Pyongyang's troop deployment in Ukraine war
Russian parliament speaker in North Korea to mark Pyongyang's troop deployment in Ukraine war
Image for Macron reaffirms efforts to reopen Strait of Hormuz, as TotalEnergies warns of energy shortages
Macron reaffirms efforts to reopen Strait of Hormuz, as TotalEnergies warns of energy shortages
Image for France's Macron says EU mutual assistance clause is unambiguous
France's Macron says EU mutual assistance clause is unambiguous
Image for US to let Venezuela pay Maduro's lawyer in drug trafficking case
US to let Venezuela pay Maduro's lawyer in drug trafficking case
Image for Italy votes down equal parental leave while fathers redefine their role online
Italy votes down equal parental leave while fathers redefine their role online
Image for German auto industry faces even tougher competition as China economy slows
German auto industry faces even tougher competition as China economy slows
View All Finance Posts