Shell Acquires Stakes in Two Offshore Angolan Oil Blocks from Chevron

London/Angola – EcoPulse24

On Tuesday, January 6, 2026, British energy giant Shell announced it has signed an agreement to acquire a 35% stake in two undeveloped offshore oil blocks (Blocks 49 and 50) in Angola from Chevron’s local subsidiary, Cabinda Gulf Oil Company. The transaction, supported by the Angolan government, awaits final legal clearances.

Financial details were not disclosed. A Chevron spokesperson confirmed the deal, noting it is subject to regulatory approval.

Blocks 49 and 50 are located in the ultra-deep waters of the Lower Congo Basin, near the currently producing Block 17. Chevron completed seismic surveys for these blocks in 2025, following risk service contracts signed in 2024. These blocks are part of Angola’s deepwater areas, which have attracted significant interest from major oil companies due to their promising geology.

Shell stated in an email that new exploration in Angola is vital to maintaining oil and gas output into the 2030s. The company aims to increase its gas production by 1% through 2030 while keeping oil output stable. This marks Shell’s first major exploration commitment in Angola in 20 years, following a November 2025 agreement for blocks 19, 34, and 39 in the Kwanza Basin.

Angola is the second-largest crude oil producer in sub-Saharan Africa after Nigeria and has implemented significant regulatory reforms to attract energy investment. The government intends to maintain production above one million barrels per day. Under a multi-year licensing strategy launched in 2019, Angola has contracted 64 oil and gas blocks, awarding 37 so far, with 27 pending approval or negotiation. The final phase of the licensing round, covering deepwater areas in the Kwanza and Benguela basins, is set for Q4 2025.

European oil majors have announced plans to invest billions in Angola. The Angolan National Oil, Gas, and Biofuels Agency (ANPG) projects over $60 billion in sector investment between 2025 and 2030. Recent developments include TotalEnergies’ $6 billion final investment decision for the Cameia project in Block 20/11 and ExxonMobil’s oil discovery at the Likembe-01 well in Block 15.

Major companies are acquiring stakes in Angola due to geological similarities with Brazil, one of the world’s most productive deepwater markets. The South Atlantic margin, spanning West Africa and East South America, has drawn strong interest following several major discoveries. In 2024 alone, 20 of the world’s 39 high-impact wells - targeting reserves up to 250 million barrels of oil equivalent - were drilled along this margin, boosting Angola’s exploration prospects.

Key international oil companies operating in Angola include TotalEnergies (41% market share), Chevron (26%), ExxonMobil (19%), BP (13%), Eni, Equinor, and Angola’s state-owned Sonangol.

Angola aims to sustain oil production at 1.1 million barrels per day through 2027, with plans to increase output to 1.18 million barrels per day thereafter. The government is encouraging offshore exploration and enhancing opportunities in onshore and marginal fields. Infrastructure expansion is underway, including the 200,000-barrel-per-day Lobito refinery and the 60,000-barrel-per-day Cabinda refinery, to support rising output and regional demand.