Energy major ExxonMobil, alongside partners TotalEnergies (operator), Equinor, Azule Energy and Sonangol - has signed a production sharing contract (PSC) extension for Block 17, situated offshore Angola.
One of Angola’s most prolific and strategically important offshore assets, Block 17 is home to world-class developments such as Dalia and CLOV and has been a cornerstone of Angola’s oil output for over two decades.
The extension of the PSC ensures that existing infrastructure and expertise continue to generate value for Angola, reinforcing the significance of mature fields in driving production and attracting investment.
Securing the long-term future of one of the country’s most productive oil assets, the extension marks a major milestone in Angola’s efforts to sustain oil production above one million barrels per day.
The African Energy Chamber (AEC) – serving as the voice of Africa’s energy sector - fully supports this extension as a vital move to unlock continued value from legacy assets and stimulate reinvestment in mature fields.
By extending the licence of mature assets, reinvesting in producing blocks and eyeing new opportunities offshore Angola, major operators stand to accelerate the country’s oil and gas growth while unlocking greater returns in deepwater basins.
The AEC sees this agreement as a clear commitment by ExxonMobil and its partners to maximizing existing resources while deploying advanced technologies to enhance recovery.
"As ExxonMobil continues to lead on legacy asset optimization and frontier exploration, the AEC stands firmly in support of this agreement extension," stated NJ Ayuk, Executive Chairman, AEC.
"It is a critical step in reinforcing Angola’s position as a top-tier African oil producer and ensuring continued economic benefit for its people. The AEC remains dedicated to championing policies and partnerships that enable energy independence, maximise resource value and foster inclusive development across the African continent," noted Ayuk.
Under the leadership of Katrina Fisher, Managing Director of ExxonMobil Angola, the company has demonstrated a forward-looking approach, aligning with national priorities to maintain and increase oil production.
Projects like CLOV and Dalia highlight how mature assets, when paired with innovation and strategic investment, can remain competitive.
Meanwhile, beyond Block 17, ExxonMobil’s work in the Namibe Basin, including frontier exploration across Blocks 30, 44 and 45, illustrates a dual-track strategy of sustaining mature fields while pursuing new discoveries.
This balanced approach strengthens Angola’s upstream landscape and ensures resilience amid global energy transitions, said Fisher.
As such, the AEC also applauds the collaborative nature of the PSC extension. TotalEnergies, as operator of Block 17, has built a legacy of operational excellence alongside ExxonMobil and other major stakeholders, she added.-TradeArabia News Service