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Shell has struck an agreement to acquire stakes in two undeveloped offshore oil blocks located in Angola’s ultra-deep waters from Chevron, the European energy company announced on Tuesday.
The deal comes as European oil majors signal plans to commit billions of dollars to Angola, sub-Saharan Africa’s second-largest crude producer after Nigeria. In recent years, the country has rolled out sweeping regulatory reforms to attract fresh investment into its energy sector, as it seeks to sustain output above 1 million barrels per day.
“We have signed a farm-in agreement with Cabinda Gulf Oil Company Ltd – a subsidiary of Chevron – to obtain a 35% interest in Block 49 and 50 offshore Angola. The deal has received governmental approval and is pending final legal requirements,” Shell said in an emailed statement.
A spokesperson for Chevron confirmed the agreement, noting that the transaction remains subject to regulatory approval.
“New exploration, such as in Angola, is important to sustaining production into the 2030s,” Shell said, adding that the company is targeting 1% growth in gas production through 2030 while keeping its oil output broadly stable.
Financial terms of the transaction were not disclosed.
