Shell plc has secured a 35% interest in Angola’s ultra‑deep offshore Blocks 49 and 50 through a farm‑in agreement with Chevron’s subsidiary, Cabinda Gulf Oil Company Ltd. The blocks lie in deep waters off the Angolan coast and represent a substantial addition to Shell’s upstream portfolio.
The deal comes at a time when Angola’s regulatory reforms—particularly the introduction of risk‑service contracts that shift exploration risk to majors—have made the sector more attractive to international investors. Shell’s move is consistent with its “value over volume” strategy, which prioritizes high‑return, low‑cost projects and seeks to sustain production into the 2030s.
Shell’s acquisition is part of a broader Angola strategy that includes earlier agreements with Chevron, Sonangol and Equinor for exploration blocks, and a $1 billion commitment to seismic data acquisition and drilling. The company has returned to Angola after a two‑decade absence and now aims to diversify its asset base beyond Brazil and the Gulf of Mexico.
Chevron’s divestment of the stakes reflects a shift toward its more established assets, such as the South N’Dola field in Block 0, and a focus on higher‑priority projects. The transaction has received government approval and is pending final legal and regulatory steps.
Shell’s CEO emphasized disciplined investment and the importance of new exploration for long‑term production. The acquisition strengthens Shell’s upstream presence in Africa, diversifies its asset base, and positions the company to capture the deep‑water potential that Angola is poised to unlock.
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