Shell buys stakes in Angolan offshore blocks from Chevron

Image credit: Reuters

European oil majors have announced plans to invest billions in Angola, the second-largest crude oil producer in sub-Saharan Africa, after Nigeria.

The country has undertaken major regulatory reforms to attract investment into its energy sector, where it aims to keep production above one 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 Blocks 49 and 50 offshore Angola.

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"The deal has received governmental approval and is pending final legal requirements," Shell said in an emailed statement.

A Chevron spokesperson confirmed the agreement, adding that the transaction is subject to regulatory approval.

"New exploration, such as in Angola, is important to sustaining production into the 2030s," said Shell, which wants to grow its gas production by 1% through 2030 and to keep its oil output steady.

Shell did not disclose financial details of the deal.