Shell has entered into a farm-in agreement with a Chevron subsidiary to acquire a 35% stake in two oil blocks offshore Angola, marking a strategic expansion of Shell’s upstream portfolio in Sub-Saharan Africa.

Under the terms of the agreement, Shell will obtain a non-operated working interest in the block, subject to regulatory approvals and customary closing conditions. Chevron’s subsidiary will remain the operator, leveraging its established operational presence and experience in Angolan offshore developments.

The acreage is located in deepwater offshore Angola and is considered prospective for hydrocarbons, supported by regional geology and nearby producing fields. The transaction aligns with Shell’s strategy to pursue value-accretive exploration opportunities with competitive breakevens and to work alongside experienced partners in proven basins.

“This agreement strengthens our long-standing engagement in Angola and reflects our disciplined approach to exploration,” said a Shell spokesperson. “Partnering with Chevron allows us to access high-quality acreage while sharing technical expertise and managing risk.”

KeyFacts Energy: Shell Angola country profile   l   Chevron Angola country profile