Shell is stepping up its return to Angola’s upstream sector with a planned $1 billion investment in deepwater exploration, as the company seeks to re-establish a foothold in one of Africa’s most mature oil producers.
The renewed push comes after a two-decade absence from Angola’s upstream market, with the company now targeting exploration activity across Blocks 19, 34 and 39 in the Kwanza Basin. The acreage lies in ultra-deepwater zones near existing commercial discoveries, raising expectations of viable new finds.
Shell’s re-entry gained momentum earlier this year when it agreed to acquire a 35% stake in two offshore blocks from Chevron, adding to a broader exploration framework signed in late 2025 alongside Equinor and Sonangol.
The move underscores growing industry confidence in Angola’s efforts to revive upstream investment, as the country works to offset declining output from aging fields. Authorities have introduced regulatory reforms and licensing incentives aimed at attracting international oil companies back into exploration and long-term development.
Shell is expected to begin technical and operational studies across the newly acquired blocks, with drilling decisions to follow depending on the outcome. Its experience in frontier basins, including recent offshore developments in Namibia, is expected to support execution in Angola’s complex deepwater environment.
Eugene Okpere, Shell’s Executive Vice President for Exploration, Strategy and Portfolio in Integrated Gas and Upstream, is set to speak at the Angola Oil & Gas (AOG) 2026 conference in Luanda this September, where the company’s African expansion strategy is likely to feature prominently.
The event comes at a critical time for Angola as it seeks to secure new discoveries and sustain crude production, with deepwater exploration expected to play a central role in the country’s long-term energy outlook.
