Shell CEO Wael Sawan
(Bloomberg) – Shell Plc signed a deal to acquire a 35% stake in two oil blocks offshore Angola from Chevron Corp.’s subsidiary in the southern African nation, the London-based energy giant said Tuesday.
Shell did not disclose the financial terms of the so-called farm-in agreement with Cabinda Gulf Oil Co. Ltd. The deal received government approval and is now pending final legal requirements, Shell said.
“We will continue to invest in our upstream business in a disciplined way where the right opportunities arise,” Shell said in an emailed statement. “New exploration, such as in Angola, is important to sustaining production into the 2030s.”
See also: Shell returns to Angola after two-decade absence
Related: Shell expands in Angola with $1 billion offshore exploration investment
Image: Chevron
