10:11 AM EST, 11/03/2025 (MT Newswires) -- Shell (SHEL) plans to invest $1 billion in new oil blocks in Angola, which will be used for seismic surveys and drilling, Bloomberg reported Monday, citing Paulino Jeronimo, the chairman of the country's National Agency for Oil, Gas and Biofuels, at an event in the capital Luanda.

Shell and the oil regulator signed an exclusive agreement for exploration rights covering offshore Blocks 19, 34 and 35, along with 14 additional blocks in ultra-deepwater areas, the report said.

Angola is aiming to keep its crude production above 1 million b/d through marginal field development and incremental output projects, the report said.

Shell did not immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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