Exxon poised to invest $15 billion in Angolan oil exploration and discoveries

Candido Mendes, Bloomberg March 14, 2023

(Bloomberg) – Exxon Mobil Corp. could invest $15 billion through 2030 if it makes commercial oil discoveries in the Namibe Basin, Paulino Jeronimo, chairman for the Angola National Agency for Petroleum, Gas and Biofuels, said in Luanda.

ANPG, Exxon and state-owned Sonangol signed an addendum to blocks 30, 44, and 45 in the Namibe Basin to make exploration in the area more competitive. Exxon will pursue a potential exploration well in 2024 as a result of improved fiscal terms.

The move is part of an effort by the Angolan government to attract investment into the oil sector, which accounts for more than 90% of the country’s exports, even as it privatizes state-owned enterprises in a bid to diversify the economy.

The Namibe Basin’s oil fields are relatively unexplored and pose technical challenges.

“We plan to leverage our advanced technology, project execution capabilities, and commitment to safety and environmental performance to identify new commercial discoveries in the Namibe Basin,” said Melissa Bond, Exxon’s country manager.

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