ExxonMobil deepens commitment to Angola’s oil expansion

ExxonMobil has signed on as a Gold Sponsor of Angola Oil & Gas 2026, strengthening its position in the country as Luanda seeks billions of dollars in investment to sustain crude production and revive exploration.

The conference will be held in Luanda on 9 and 10 September, bringing together energy companies, investors, financiers, service providers and policymakers. Angola is promoting an upstream investment programme valued at more than $70 billion as it works to slow output declines from ageing offshore fields and open new areas for development.

ExxonMobil’s participation gives the company a prominent role at a gathering expected to focus on exploration, brownfield redevelopment, project finance, local content and production efficiency. The US energy major has operated in Angola for more than three decades and remains one of the country’s most important offshore investors.

Its main operated asset is Block 15, where it holds a 36% interest through Esso Exploration Angola. The remaining stakes are held by Azule Energy entities, Equinor and Sonangol Exploration and Production. The block covers 1,044 square kilometres offshore and has yielded 19 discoveries containing about three billion barrels of recoverable oil.

Production began in 2003 from the Xikomba development. It was followed by Kizomba A, Kizomba B, Marimba North, Mondo, Saxi-Batuque and two satellite development phases. Block 15 has produced more than 2.7 billion barrels since operations started, making it one of Angola’s most productive offshore concessions.

The company also has interests in producing Blocks 17 and 32. Together, its three producing deepwater holdings cover almost three million gross acres and contain an estimated nine billion barrels of oil-equivalent recoverable resources. ExxonMobil’s net production from Angola averaged about 100,000 barrels a day in 2024.

The sponsorship follows a series of agreements aimed at extending the commercial life of Block 15. ExxonMobil and its partners approved investment in November 2025 to keep the Mondo and Saxi-Batuque facilities operating until 2032. The plan is designed to preserve production from mature fields while applying updated safety, environmental and operational standards.

Attention has now shifted to a proposed extension for the Kizomba A and Kizomba B installations. The authorities expect an investment decision during 2026 that could permit the facilities to operate until 2037. The wider production-sharing agreement for Block 15 has already been amended to support longer-term activity.

Additional exploration is also being pursued to identify commercially viable resources and reduce the pace of decline. The strategy combines new drilling with improved recovery from existing reservoirs, allowing operators to use infrastructure already installed in the deepwater basin.

Angola produced an average of about 1.07 million barrels a day in October 2025. Maintaining output near that level has become a central policy objective as older fields mature and natural reservoir pressure weakens. Petroleum exports remain a major source of government revenue and foreign currency, leaving the economy exposed to production disruptions and oil-price swings.

The government has responded with revised fiscal terms, permanent licensing opportunities and contractual changes intended to improve the economics of marginal and mature assets. It is also seeking investment in frontier basins, natural gas projects, refining capacity and domestic fuel infrastructure.

ExxonMobil’s role at the September conference will place it alongside other major operators, including Chevron, TotalEnergies and Azule Energy. Sonangol, service companies, financial institutions and seismic specialists are also supporting the event as Angola attempts to connect exploration plans with capital and technical expertise.

The programme is expected to examine how operators can lower development costs, deploy subsea technology and strengthen the participation of Angolan suppliers. Local-content rules require contractors to demonstrate registration and certification, creating opportunities for domestic companies in engineering, maintenance, logistics, fabrication and offshore support services.

For ExxonMobil, the sponsorship supports a dual-track strategy. The company is extending the life of established producing assets while searching for new resources that can be developed through existing offshore systems. That approach could reduce project lead times and limit the capital required to bring smaller discoveries into production.