Shell Enters Angola Acreage Through Farm-In With Chevron Subsidiary

By Naija Enquirer Staff

Shell Plc has signed an agreement to acquire a 35 per cent stake in two offshore oil blocks in Angola through a farm-in deal with a subsidiary of Chevron Corporation, marking the company’s entry into new acreage in the southern African nation.

The London-based energy major disclosed on Tuesday that the transaction involves Cabinda Gulf Oil Company Ltd, Chevron’s Angolan subsidiary. While the financial terms of the agreement were not disclosed, Shell confirmed that the deal has received approval from the Angolan government and is now subject to the completion of final legal requirements.

According to Shell, the farm-in aligns with its strategy of making disciplined investments in its upstream portfolio where commercially attractive opportunities emerge.

“We will continue to invest in our upstream business in a disciplined way where the right opportunities arise,” the company said in an emailed statement. “New exploration, such as in Angola, is important to sustaining production into the 2030s.”

The move strengthens Shell’s footprint in Africa’s offshore oil and gas sector at a time when Angola is seeking to maintain production levels through new exploration and investment.

Angola, one of Africa’s top oil producers, has in recent years stepped up efforts to attract international oil companies by improving fiscal terms and promoting new licensing rounds, particularly in offshore basins.

The farm-in agreement adds to ongoing activity by major global energy companies positioning for long-term upstream growth amid tighter global supply dynamics.

Mitchell Ferman – Bloomberg