By Ayomide Otitoju
Shell has agreed to acquire stakes in two undeveloped ultra-deepwater offshore blocks in Angola from Chevron, the European energy company said on Tuesday.
In a statement, Shell disclosed that it had signed a farm-in agreement with Cabinda Gulf Oil Company Ltd, a subsidiary of Chevron, to obtain a 35 per cent interest in offshore Blocks 49 and 50. The company said the deal has received approval from the Angolan government and is now awaiting the completion of final legal requirements.
A Chevron spokesperson confirmed the agreement, noting that the transaction remains subject to regulatory approvals.
The development comes as European oil majors signal plans to invest billions of dollars in Angola, sub-Saharan Africa’s second-largest crude oil producer after Nigeria. The Angolan government has introduced wide-ranging regulatory reforms aimed at attracting fresh investment into the energy sector, with a target of maintaining oil production above one million barrels per day.
Shell said new exploration opportunities, including those in Angola, are critical to sustaining production into the 2030s. The company has outlined plans to increase gas output by one per cent through 2030 while keeping oil production broadly stable.
Financial details of the transaction were not disclosed.
