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Report: Shell plans to buy stake in South African oil block

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Report: Shell plans to buy stake in South African oil block

Oil major Royal Dutch Shell PLC is planning to buy a stake in a license offshore South Africa that is owned by OK Energy, Bloomberg reported May 29.

The Petroleum Agency South Africa told Bloomberg that Shell has applied to take the stake and that it is "awaiting ministerial approval."

According to Bloomberg, if the deal pushes through then it would add to Shell's acquisition of a 40% stake in deepwater blocks 5, 6 and 7 in the Atlantic off Cape Town from Anadarko Petroleum Corp.