Fossil Energy – Angola
Shell will invest approximately $1 billion in new oil blocks in Angola as the southern African nation seeks to boost production that has dwindled over the years.
Shell and Angola’s National Agency for Oil, Gas and Biofuels signed an exclusive agreement for exploration rights covering offshore Blocks 19, 34 and 35, along with 14 additional blocks in ultra-deepwater areas.
The funds will be used for seismic surveys and drilling.
