Exxon Mobil Corp. could invest $15 billion by 2030 if it makes commercial oil discoveries in the Namibe Basin, Paulino Jeronimo, president of Angola’s National Oil, Gas and Biofuels Agency, said in Luanda.
ANPG, Exxon and the state-owned Sonangol signed an addendum on Tuesday in blocks 30, 44 and 45 of the Namibe basin to make the exploration of the area more competitive. Exxon will pursue a possible exploration well in 2024 as a result of improved tax terms.
The move is part of an effort by the Angolan government to attract investment in the oil sector, which accounts for more than 90 percent of the country’s exports, even as it privatizes state-owned companies in a bid to diversify the economy.
The oil fields in the Namibe Basin are relatively unexplored and pose technical challenges.
“We intend 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, Country Director of ‘Exxon.
