Africa-Press – Angola. 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.
The agreement follows the formation of a consortium consisting of Equinor, Sonangol Exploration and Production, and Shell. This marks Shell’s effective return to Angola after a 20-year absence.
It establishes guidelines for the future signing of 17 contracts and services with risk in Blocks 19, 34, and 35 (in the deep waters of the Cuanza Basin) and 14 blocks in the deep waters of the Lower Congo and Cuanza Basins, with an initial investment of 1 billion US dollars for seismic acquisition and well drilling.
The agreement was signed by ANPG CEO Paulino JeroĢnimo; 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.
Diamantino Azevedo, the Minister of Mineral Resources, Petroleum and Gas, presided over the ceremony and said that Shell’s return to the country signals that Angola is a “safe, serious, and competitive destination for investment.”
Azevedo stressed that the initiative will generate more tax revenue for the state, create jobs, qualify the national workforce, and provide access to cutting-edge technology. It will also encourage local content and diversify the national economy.
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