Chevron and Shell Sign Ghana Oil Deal
Shell and Chevron signed a preliminary agreement for rights to an offshore block in Ghana. The West African nation seeks to boost investment and reverse declining output through sweeping legal and fiscal reforms.
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SHELL PLC and CHEVRON CORP signed a non-binding preliminary agreement with Ghana on Tuesday morning to acquire production rights over the South Deepwater Tano Cape Three Points block. The memorandum of understanding aims to reverse declining output in the West African nation. Crude oil production in the country dropped from 71.44 million barrels in 2019 to 48.25 million barrels in 2024, per United States trade data.
