Luanda: An addendum to the Production Sharing Agreement (PSA) of Block 15 was signed on Thursday in Luanda, extending the production period of this oil well from 2032 to 2037. The agreement aims to increase investments by approximately US$3 billion and expand oil reserves by about 200 million barrels. According to Angola Press News Agency, the executive director of the National Agency of Petroleum, Gas and Biofuels (ANPG), Alcides Andrade, stated that this move is part of ANPG's strategic actions to implement government-approved reforms to stabilize national oil activity. Since its initial production in November 2003, Block 15 has yielded over 2.6 billion barrels of oil, with investments exceeding US$47 billion. Andrade recalled that the Production Sharing Contract for Block 15 was initially approved in August 1994. As the block has reached a mature stage, there is a need to enhance productivity to attract new investments. This led to negotiations with the contractor group, resulting in the unification of t he block's four development areas into one. The extension of the facilities' useful life was also achieved, ensuring future production. Andrade mentioned plans to double state revenues, given the country's reliance on the oil sector, and to support social projects, including training young Angolans. According to the ANPG administrator, the approval of this addendum by presidential decree 130/25 in June demonstrates the Angolan government's confidence in the project and its contribution to the nation's oil production. Minister of Mineral Resources, Oil and Gas, Diamantino de Azevedo, urged Block 15 partners to continue investing in Angolan government projects, emphasizing the country's safe investment conditions. He advocated for maximizing each barrel of oil produced in Angola to aid the nation's development. The addendum was signed by ANPG's executive director, Alcides Andrade, as the national concessionaire, and the contracting group represented by ExxonMobil's Katrina Fisher, Equinor's Ane Ellefsen Aub ert, Azule Energy's Adriano Mongini, and Sonangol Exploration and Production's Isabel Policarpo and Walter Nascimento.