Shell has agreed to buy stakes in two undeveloped offshore blocks in ultra-deep waters offshore Angola from Chevron, the European energy major said on Tuesday.
European oil majors have said they will spend billions in Angola, Sub-Saharan Africa's second-largest crude oil producer 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 - a subsidiary of Chevron - to obtain a 35 per cent interest in Block 49 and 50 offshore Angola. The deal has received governmental approval and is pending final legal requirements," Shell said in an emailed statement.
"New exploration, such as in Angola, is important to sustaining production into the 2030s," said Shell. The company wants to grow its gas production one per cent through 2030 and to keep its oil output steady.
It did not disclose financial details of the deal.
Chevron did not immediately respond to a request for comment.
(Reporting by Shadia Nasralla; editing by Barbara Lewis)
