ExxonMobil will invest three billion dollars to extend the operational lifespan of Block 15 in Angola, following the signing of a landmark agreement with the National Agency of Petroleum, Gas and Biofuels (ANPG) on November 13th in Luanda. The deal represents a major vote of confidence in Angola’s oil sector and commits the American energy giant to operations in the strategic offshore block until 2037.
The agreement was formalized during a ceremony led by the Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, who emphasized the Angolan government’s commitment to flexibility and transparency as essential tools for attracting foreign investment in the petroleum sector.
Minister Azevedo acknowledged the challenging competitive environment facing oil-producing nations. “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,” he stated.
According to the Ministry’s statement, the substantial investment strengthens Angola’s strategy to preserve production stability and enhance the competitiveness of its oil sector amid global energy transitions and increasing competition for petroleum investment capital.
ANPG Chairman Paulino Jerónimo revealed that ExxonMobil’s renewed commitment creates momentum for additional investment decisions planned for 2026. “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 announced.
ExxonMobil Vice President for Deepwater Operations Hunter Farris discussed the investment plans during a meeting with Angola’s President. Following the meeting, Farris told the press that the decision ensures Block 15’s assets and resources continue generating wealth for Angola through 2037. “The expansion will bring direct benefits to the energy market and help increase state revenues,” he emphasized.
Farris congratulated Angola on its 50th anniversary of independence and confirmed detailed discussions regarding the company’s activities in the offshore block, located 370 kilometers northwest of Luanda.
Angola currently maintains oil production above one million barrels per day, according to the Ministry of Mineral Resources. The new investment aligns with the government’s long-term ambition to ensure sector stability and attract additional international partners to exploration and refining activities as the nation navigates the complex landscape of global energy transitions.
Source: angolanminingoilandgas.com