Correction: Market Chatter: PetroSA OKs Farm-in Deal with Shell for South African Offshore Block

07:55 AM EST, 12/08/2025 (MT Newswires) -- (Corrects to clarify that PetroSA approved the deal and updates to add Shell's statement) South Africa-based PetroSA authorized a farm-in deal allowing Shell (SHEL.L, SHELL.AS) unit Shell Offshore to acquire 60% of its Block 2C off the country's west coast, Reuters reported Monday, citing a document it saw. The British energy giant is "committing a $25 million signing bonus and full cost carry (of around $135-$150 million) for three wells," according to a short note under PetroSA's priority programs that Reuters cited. A spokesperson for Shell told MT Newswires, meanwhile, that the company will not comment on specific deals due to "commercial sensitivities" but that Shell continuously reviews portfolio options for growth. PetroSA did not immediately respond to a request for comment. (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.)