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Thursday, July 18, 2024

ExxonMobil to Invest $15 Billion in Angola’s Hydrocarbon Reserves by 2030

ExxonMobil to Invest $15 Billion in Angola’s Hydrocarbon Reserves by 2030

ExxonMobil is set to invest up to $15 billion in Angola’s hydrocarbon reserves by 2030, following successful oil discoveries in the country. The company is focusing on large-scale projects and initiatives to enhance STEM education and community development, aiming to boost the Angolan oil and gas industry and broader economic growth.

This week, the African Energy Chamber, led by Executive Chairman NJ Ayuk, met with ExxonMobil executives in Angola. Discussions highlighted the government’s efforts to make the sector more competitive through favorable fiscal policies. Celebrating 30 years in Angola, ExxonMobil has spearheaded numerous developments, emphasizing infrastructure, local content, and STEM investments.

ExxonMobil’s extensive history in Angola showcases the country’s oil and gas potential and the company’s commitment to African development. Deepwater Block 15, one of the region’s most successful offshore concessions, has produced 2.5 billion barrels of oil over 20 years. Recent discoveries in the Likember-01 and Bavuca South-1 wells indicate promising future production, with new initiatives expected to deliver 40,000 barrels per day.

The Likember-01 well, part of a broader production initiative, is developed in partnership with Angola’s state-owned Sonangol, Equinor, and Azule Energy. ExxonMobil also holds interests in Blocks 17, 32, 30, 44, and 45, with significant production achievements in the Namib Basin. Plans to drill an offshore exploration well by the end of 2024 could lead to a $15 billion investment in the basin by 2030, potentially generating $20-$40 billion in revenue for Angola.

The Angolan government’s support has been crucial for ExxonMobil’s continued investments, creating a competitive and attractive market for global companies. NJ Ayuk commended the government’s efforts in fostering a favorable business environment.

ExxonMobil is also a strong advocate for STEM education in Angola, particularly for women and girls. The company’s initiatives aim to address educational challenges and promote gender equality in the energy sector. At the upcoming AEW: Invest in African Energy conference, these topics will be prominently discussed.

In addition to its industry efforts, ExxonMobil is involved in philanthropic activities. In May, ExxonMobil and NBA Africa launched a Jr. NBA League in Luanda, engaging 10,000 youth participants and promoting opportunities for girls through the NBA’s Her Time to Play initiative.

The African Energy Chamber commends ExxonMobil’s contributions to women in energy, STEM education, and economic growth in Angola, looking forward to continued collaboration.

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