By Ejekwu Chidiebere
Energy Window International (Media) – Shell says it is advancing a $1bn investment drive covering exploration activities at Blocks 19 and 39 consequent on the company’s return to Angolan upstream market last year 2025. Eugene Okpere, Executive Vice President Exploration, Strategy & Portfolio for Integrated Gas & Upstream at Shell who’s expected to speak at the Angola Oil & Gas (AOG) 2026 Conference and Exhibition – taking place this September in Luanda has said.
According to Shell’s statement, Okpere’s participation followed the company’s return to the market in 2025 besides subsequent exploration agreement covering three deepwater blocks, which Shell said was a deliberate move to unlock approximately $1 billion in investment.
Shell said it was returning to Angola after 20 years of major upstream development engagements. “Our re-entry signals renewed confidence in the country’s deepwater potential at a time when Angola is working to stabilize crude production through a combination of new exploration, redevelopment of mature assets and targeted investment incentives.” Adding that its recent transactions even point to the company’s commitment to unlocking Angola’s deepwater potential.
Shell said that in January 2026, it signed a deal to acquire a 35% stake in two deepwater blocks from energy major Chevron. The farm-in grants which gave it a minority stake in the assets were sequel, Shell says, to an earlier agreement it entered into during the 2025 edition of AOG for Block 33/24 – a November 2025 agreement which granted Shell with the exclusive rights to conduct exploration activities at Blocks 19, 34 and 39 alongside Equinor and Sonangol.
Situated in the ultra-deepwaters of the Kwanza Basin, Shell says the blocks feature significant hydrocarbon potential given their proximity to commercial assets. The partners were expected to kickstart technical and operational studies “with a view to determine the blocks’ oil potential in support of an upcoming exploration phase” Shell said.
Energy Window International (Media) gathered that Angola’s deepwater sector has been one of the most prospective offshore regions globally, with decades of production history and significant remaining resource potential. The country has been intensifying efforts, with regulatory reforms, licensing opportunities and partnership frameworks to encourage re-entry of international oil majors – geared toward attracting fresh investment into exploration and new developments.
Shell said its renewed presence was testimonial to these efforts. Adding that with its experience in unlocking new deepwater frontiers in markets such as Namibia, it also and only provided it with an opportunity to bring her deepwater technical expertise, project development experience and financial capacity to work as all are critical elements in the advancement of complex offshore projects. According to the firm, the $1 billion investment associated with the block acquisitions is expected to support exploration activities and potential future development, contributing to Angola’s broader objective of sustaining production over the long term.
