Shell acquires offshore stakes in Angola from Chevron

Angola

LUANDA, January 7, 2026 – Shell has agreed with Chevron to acquire stakes in two undeveloped deepwater blocks in the prolific Lower Congo Basin offshore Angola, Reuters reported on Tuesday.

The transaction will give Shell a 35% interest in Blocks 49 and 50 through a farm-in agreement with Chevron’s wholly owned subsidiary, Cabinda Gulf Oil Company (CABGOC). Angola’s government has approved the deal, Shell noted in a statement to Reuters, with “final legal requirements” still pending.

Chevron holds operated interests in Angola’s offshore Block 14 and Block 0, where the company began producing from the newly operational South N’dola platform in December 2025. CABGOC signed risk service contracts for blocks 49 and 50 in June 2024 and launched seismic studies in 2025.

Acquiring new exploration acreage is important to Shell’s production objectives, which include increasing gas output by 1% through 2030 while maintaining steady oil production. Shell’s Angola activities are primarily upstream-focused, having recently re-entered the country’s exploration sector as part of its long-term strategy.

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