Market Chatter: Shell Acquires 35% Stake in Chevron's Angolan Offshore Blocks

MT Newswires Live01-07

Shell (SHEL) agreed to acquire a 35% stake in two offshore Angola oil blocks from Chevron's subsidiary, Cabinda Gulf Oil, for an undisclosed amount, Bloomberg reported Tuesday, citing Shell.

The so-called farm-in agreement received government approval and is pending final legal clearance, the report said.

Shell shares fell 1.4% in recent Tuesday trading, and Chevron dropped 3.4%.

Shell did not immediately respond 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.)

Price: 73.96, Change: -1.08, Percent Change: -1.43

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