Luanda: The National Agency for Petroleum, Gas, and Biofuels (ANPG) and the British multinational Shell signed on Monday an agreement in principle for the allocation of Blocks 19, 34, 35, and 14 others in deep waters. This collaboration marks Shell's return to Angola after a 20-year hiatus and establishes a framework for future contracts and services.
According to Angola Press News Agency, the agreement follows the formation of a consortium that includes Equinor, Sonangol Exploration and Production, and Shell. This consortium paves the way for the signing of 17 contracts and services with risk in the deep waters of the Cuanza and Lower Congo Basins. The initial investment is set at 1 billion US dollars, which will be directed towards seismic acquisition and well drilling.
The agreement was formalized by ANPG CEO Paulino Jer³nimo, Equinor CEO Ane Aubert, Shell Executive Vice President Eugene Okpere, Sonangol Exploration and Production Executive Committee Chairman Ricardo Van-Deste, and Sonangol Exploration and Production Executive Committee member Walter Nascimento.
The ceremony, presided over by Diamantino Azevedo, the Minister of Mineral Resources, Petroleum and Gas, highlighted the significance of Shell's return. Azevedo stated that this move underscores Angola's position as a "safe, serious, and competitive destination for investment." He further noted that the initiative is expected to boost tax revenue, create employment, enhance the national workforce's skills, and provide access to advanced technology. Additionally, it aims to promote local content and contribute to the diversification of the national economy.
