Shell PLC (NYSE:SHEL) reportedly plans to invest around $1 billion in new oil blocks in Angola.
The chairman of the oil regulator stated that the move reflects the southern African nation’s aim to boost production that has declined over the years, as per Bloomberg.
• SHEL is trading at elevated levels. Get the scoop here.
Details
As per the report, Shell and Angola's National Agency for Oil, Gas and Biofuels penned an exclusive exploration rights deal.
The deal encompasses offshore Blocks 19, 34 and 35, along with 14 additional blocks in ultra-deepwater areas.
Also Read: Shell Boosts LNG Production Forecast As Refining Margins Surge
The company plans to use the funds for seismic surveys and drilling.
Notably, as per the report, in September, Shell marked its return to the nation with another deal with the National Agency for Oil, Gas and Biofuels for Block 33 in the Lower Congo Basin, off the coast of Angola.
Other Key Events
Recently, Chevron and Shell reportedly slashed oil and gas production at a major field in Kazakhstan after a Ukrainian drone attack that damaged the Orenburg gas processing plant in Russia.
Meanwhile, Shell announced the approval of the final investment decision for the HI gas project in Nigeria, targeting 350 million standard cubic feet of gas per day.
Recent Earnings Release
Last week, Shell reported mixed third-quarter fiscal 2025 results, with adjusted earnings per American Depositary Share of $1.86, beating the $1.71 consensus estimate.
However, revenue fell short at $68.15 billion, compared with analysts' forecast of $72.81 billion.
SHEL Price Action: Shell shares are down 0.47% at $74.56 at publication on Monday.
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