Angola Advances $2B in Upstream and Gas Investments at AOG 2026
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Two of the agreements focused on Angola’s established offshore assets, with amendments covering Blocks 15 and 31 aimed at creating conditions for further investment and production.
The National Oil, Gas & Biofuels Agency (ANPG) and the Block 15 contractor group – comprising operator ExxonMobil, Azule Energy, Equinor and Sonangol E&P – signed Addendum No. 3 to the block’s Production Sharing Contract (PSC(. The amendment follows the extension of the Block 15 production license through 2037 and supports Angola’s strategy to maximize recovery and implement incremental production across mature offshore concessions.
A second agreement amended the PSC for Block 31, operated by Azule Energy alongside Sonangol E&P, Equinor and SSI Thirty-One Limited. The amendment alters the block’s terms and conditions to enable the implementation of incremental production.
A third agreement brought together Etu Energias, Shell and Chariot to support financing related to Block 14. The financing supports Etu Energias’ acquisition of additional interests in the asset following an August 2026 Sale and Purchase Agreement with Chevron to acquire the latter’s interests in Blocks 14 and 14K. Subject to regulatory approvals and closing conditions, Etu Energias aims to assume operatorship of the assets.
“We believe the block has strong remaining potential and we want to maximize that,” Edson dos Santos, CEO of Etu Energias, stated in a fireside chat ahead of the deal signing.
The fourth deal extended AOG 2026’s dealmaking beyond upstream oil. Amufert and Protteja Seguros signed an agreement covering the social responsibility component of Amufert’s planned $2 billion ammonia and urea production complex in Soyo.
The development will use Angolan natural gas as feedstock to produce fertilizer for the domestic and regional markets, supporting the country’s efforts to monetize gas through downstream industries. Designed for production of 4,000 metric tons of fertilizer per day, the complex is expected to create approximately 4,700 jobs across construction and operations.