July 21, 2024
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OIL & GAS

Chevron Signs Two Risk Service Contracts for Angolan Ultra-Deepwater Blocks

Multinational energy corporation Chevron, via its Angolan subsidiary Cabinda Gulf Oil Company Limited, has signed two Risk Service Contracts (RSC) for Blocks 49 and 50 in Angola’s Lower Congo Basin. Initially awarded by Presidential Decree in January 2024, these contracts mark the beginning of exploration and potential development of these blocks.

The African Energy Chamber (AEC) commends Chevron’s initiative, highlighting the company’s 70-year history in Angola and the supportive regulatory environment. These new blocks are located near existing concessions and promise significant returns.

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According to Energy News Africa, Chevron will conduct seismic surveys to enhance geological understanding and exploration. With a 26% market share in Angola, Chevron’s portfolio includes Blocks 0 and 14, producing significant quantities of oil and natural gas.

Additionally, Chevron is involved in Angola LNG, the country’s first LNG facility, and is advancing the $300 million Sanha Lean Gas Connection Project to support LNG production. Chevron also focuses on low-carbon solutions, exploring carbon offsets and lower-carbon fuels.

NJ Ayuk, Executive Chairman of the AEC, emphasized the importance of a strong regulatory environment for attracting foreign investment, praising Angola’s successful efforts in this regard.

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