Shell has signed a memorandum of understanding (MoU) with Angola’s National Agency for Oil, Gas, and Biofuels (ANPG), marking its return to the country after a 25-year absence.
The signing ceremony took place in Luanda on Thursday, with key participants including ANPG Chairman Paulino Jerónimo, Shell Executive Vice-President Eugene Okpere, and Minister of Natural Resources, Oil, and Gas, Diamantino de Azevedo.
Minister de Azevedo highlighted the importance of the agreement, attributing it to Angola’s ongoing efforts to revitalize oil exploration activities.
He stated that the MoU underscores the effectiveness of Angola’s “permanent offer” regime, which allows ANPG to negotiate oil concessions directly for unawarded blocks from past bidding rounds.
“Shell’s return signifies the success of these efforts and confirms the untapped oil potential in Angola,” said the minister.
The MoU paves the way for detailed studies on several offshore blocks—19, 34, 35, 36, 37, and 43—in line with Angola’s National Development Plan 2023–2027.
ANPG Chairman Paulino Jerónimo emphasized Shell’s global stature and its historical involvement in Angola during the 1990s.
He lauded the agency’s proactive approach in granting concessions, offering flexible contractual terms, and creating pragmatic solutions to foster investor success.
Speaking on behalf of Shell, Eugene Okpere noted that Angola has remained an attractive prospect for the company.
He credited the improved business environment in Angola’s oil sector and the government’s investor-friendly initiatives as key factors influencing Shell’s decision to return.
“This is just the first step,” Okpere remarked. “We will conduct thorough studies to evaluate the viability of the project.”
The Angolan government hopes Shell’s return will inspire other international oil companies to explore opportunities in the country, fostering growth and the discovery of new oil reserves.
