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ExxonMobil to invest $15 billion in Angola’s hydrocarbon reserves through 2030

ExxonMobil could invest as much as $15 billion in developing Angola’s hydrocarbon reserves by 2030, following the success of commercial oil discoveries in the southern African country.

The energy giant is developing a number of large-scale projects and is committed to supporting community development through capacity building and outreach programs aimed at improving STEM-related opportunities. These efforts are poised to strengthen Angola’s oil and gas industry while supporting industrialization and broader economic growth.

This week, the African Energy Chamber – led by Executive Chairman NJ Ayuk – met with ExxonMobil executives as part of a working visit to the country. During the meeting, the parties discussed the government’s efforts to open up the sector and how fiscal policies have made doing business in Angola much more competitive. ExxonMobil, which is celebrating its 30th anniversary in Angola, has been at the forefront of many major developments in the country, and the company’s renewed focus on infrastructure-led exploration, local content development and investment in STEM will unlock new opportunities for the country.

ExxonMobil’s rich production history in Angola underscores both the country’s oil and gas potential and the company’s commitment to driving development in Africa. The company’s deepwater Block 15 in Angola, considered a golden block, is one of the most successful offshore concessions in the region, with 18 commercial discoveries. The block has been in production for 20 years and will reach a milestone of 2.5 billion barrels of cumulative oil production in 2023. This year, ExxonMobil made an oil discovery at the Likember-01 exploration well in the block. The well, located in the Kizomba B development area, encountered high-quality hydrocarbon-bearing sand packs. The find follows a discovery in the Bavuca South-1 exploration well in Block 15 in 2022, which was part of a redevelopment.

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