SHELL COMPLETES ACQUISITION OF CHEVRON’S STAKES IN ANGOLA OFFSHORE BLOCKS
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By: Balogun Ibrahim
Shell has reached an agreement to acquire Chevron’s interests in two undeveloped ultra-deepwater offshore blocks off the coast of Angola, the European energy major announced on Tuesday.
European oil majors have announced plans to invest billions of dollars in Angola, Sub-Saharan Africa’s second-largest crude oil producer after Nigeria, as the country implements sweeping regulatory reforms to attract fresh capital into its energy sector and sustain production above 1 million barrels per day.
In a statement emailed to Reuters, Shell said it had signed a farm-in agreement with Cabinda Gulf Oil Company Ltd, a Chevron subsidiary, to acquire a 35 per cent stake in offshore Blocks 49 and 50. The company noted that the transaction has received government approval and is now subject to the completion of final legal requirements.
A Chevron spokesperson confirmed the agreement, noting that the transaction remains subject to regulatory approval.
Shell said new exploration activities, including projects in Angola, are critical to sustaining production into the 2030s, as the company targets a 1 per cent increase in gas output through 2030 while maintaining stable oil production.
The company did not disclose the financial terms of the deal.
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