Luanda, Jan 7 – Shell has agreed to buy stakes in two undeveloped offshore oil blocks in Angola from Chevron, deepening its exposure to one of Africa’s most important energy producers as international oil majors ramp up investment in the country.
The European energy company said it has signed a farm-in agreement with Cabinda Gulf Oil Company Ltd, a Chevron subsidiary, to acquire a 35% interest in offshore Blocks 49 and 50, located in Angola’s ultra-deepwater acreage.
The transaction has received government approval and is pending final legal requirements. Chevron confirmed the agreement, noting that the deal remains subject to regulatory approvals.
Angola, Sub-Saharan Africa’s second-largest crude producer after Nigeria, has embarked on wide-ranging regulatory reforms aimed at attracting foreign investment and sustaining output above 1 million barrels per day. European oil majors have pledged billions of dollars in spending as part of renewed exploration and development efforts.
Shell said new exploration opportunities in countries such as Angola are critical to maintaining production levels into the next decade. The company aims to grow its gas output by 1% through 2030 while keeping oil production broadly stable.
The deal highlights continued confidence in Angola’s offshore potential, particularly in ultra-deepwater areas that remain largely undeveloped but are seen as key to offsetting natural declines at mature fields.
