Angola’s Block 15 Secures $3 Billion ExxonMobil Investment to Boost Oil Production Through 2037
ExxonMobil will invest three billion dollars to extend the operational lifespan of Block 15 in Angola, following the signing of a new agreement with the National Agency of Petroleum, Gas and Biofuels (ANPG).
The deal was formalized on November 13th in Luanda, during a ceremony led by the Minister of Mineral Resources, Petroleum and Gas.
According to the Ministry’s statement, the investment strengthens Angola’s strategy to preserve production stability and enhance the competitiveness of its oil sector.
During the signing event, Minister Diamantino Azevedo underscored the Angolan Executive’s commitment to flexibility and transparency as key drivers for attracting foreign investment in refining and petrochemicals.
“Competition is growing, and more countries are discovering oil reserves while the energy transition advances. This challenges us to work continuously to maintain sector stability.
Transparency is essential because it reinforces confidence among investors and financial institutions,” the minister noted.
ANPG Chairman Paulino Jerónimo highlighted that ExxonMobil’s renewed commitment opens the door for additional investment decisions planned for 2026, aimed at stabilizing national production levels.
“Next year we expect to sign new final investment decisions for projects such as Kizomba A and B, which together exceed three billion dollars. Of this amount, 1.4 billion dollars is allocated exclusively to Kizomba A,” Jerónimo stated.
ExxonMobil’s plans for Block 15 were also discussed during a meeting between the President of the Republic and Hunter Farris, ExxonMobil’s Vice President for Deepwater Operations. Following the meeting, Farris announced that the investment will ensure Block 15 operations continue until 2037.
“This decision allows Block 15’s assets and resources to continue generating wealth for Angola until 2037. The expansion will bring direct benefits to the energy market and help increase state revenues,” Farris told the press.
In a statement from the Presidency, Farris also congratulated Angola on its 50th anniversary of independence and confirmed discussions with the Head of State regarding the company’s activities in the offshore block, located 370 kilometers northwest of Luanda.
According to the Ministry of Mineral Resources, Angola currently maintains production above one million barrels per day.
The new investment aligns with the government’s ambition to ensure long-term sector stability and attract new international partners to exploration and refining.
