British oil giant Shell has signed a Memorandum of Understanding (MoU) with Angola’s National Petroleum, Gas and Biofuels Agency (ANPG), alongside partners Chevron and Sonangol. The move marks Shell’s formal return to Angola’s oil sector after a two-decade absence.
The agreement was unveiled at the Angola Oil & Gas Conference 2025 (AOG25) in Luanda. It focuses on joint studies for potential exploration in Block 33/24, situated in the Lower Congo Basin.
Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, hailed the signing as proof of Angola’s improved business environment. He stressed that reforms, legal stability, and competitiveness are now attracting top-tier investors back to the country.
Shell’s Executive Vice President, Eugene Okpere, reaffirmed Angola’s importance as a strategic hub for energy investment. He pointed to favorable tax incentives and investor-friendly policies as key factors behind the company’s renewed commitment.
The deal is also part of ANPG’s Permanent Offer program, which allows direct negotiations for oil blocks that remain unawarded. This framework is designed to speed up exploration and expand Angola’s production base.
Chevron’s return after nearly 20 years further highlights rising confidence in Angola’s geological potential and regulatory systems. Industry analysts believe this could encourage other international oil majors to re-enter or expand operations in Angola.
The government views the agreement as a step toward revitalizing its oil industry, which remains central to Angola’s economy. Officials say the collaboration with Shell and Chevron will help drive exploration in deep and ultra-deepwater fields.
Together, these moves underline Angola’s strategy to modernize its energy sector and secure long-term oil revenues. The partnerships are expected to bring both investment capital and technical expertise critical for the country’s energy future.