• Chevron and Shell signed preliminary deals with Angola’s ANPG for Block 33 in the Lower Congo Basin.
• Angola’s new risk-service contracts shift exploration risk to majors and aim to revive falling oil output.
• Five more blocks will be auctioned before year-end as Luanda pushes reforms to attract fresh investment.

Chevron Corp. and Shell Plc are ramping up investment in Angola’s oil sector, signaling renewed appetite for frontier drilling as the government rolls out reforms and tests a new contract model to reverse a steep production decline.

Shell, returning to the country after about two decades, joined Chevron and state-owned Sonangol EP in signing preliminary agreements with the National Agency of Petroleum, Gas and Biofuels (ANPG) for Block 33 in the Lower Congo Basin, ANPG board member Alcides Andrade said at an oil conference in Luanda this week. Chevron’s confirmed deal covers Block 33/24, adjacent to the prolific Blocks 17 and 32.

Since 2019, Angola has sought to stem output losses through streamlined licensing, improved fiscal terms, and fresh exploration incentives. Those changes are beginning to pay off: Shell’s return underscores growing confidence in Luanda’s strategy, while Chevron’s move reflects how risk-services contracts can entice majors back into costly deep-water plays.

Africa’s third-largest oil producer has seen daily output plunge from a peak of 1.8 million barrels in 2008 to below 1 million in July — the first time since it exited OPEC in 2023. With oil revenues still central to public finances, the government is under pressure to attract new capital.

Under the risk-services framework, companies fund exploration and are repaid through service fees only if discoveries are commercial. That shifts financial exposure away from Angola while giving international oil companies a controlled re-entry into high-potential acreage.

Petroleum Minister Diamantino Azevedo said five more blocks will be auctioned before year-end, part of a broader licensing round designed to accelerate exploration. Another five have already been awarded through direct negotiations, though companies were not disclosed.

Shell’s comeback and Chevron’s renewed push show Angola is regaining favor among majors, thanks to reforms and contractual innovation. If the pilot projects deliver, Luanda’s risk-services model could reshape how African producers court capital in a world of cautious oil investment.

Idriss Linge