Chevron’s Angola subsidiary signs 20-year extension for Block 0

12/6/2021

LUANDA – Chevron's subsidiary in Angola, Cabinda Gulf Oil Company Limited (CABGOC) has just renewed the concession of Block 0, located on Cabinda province’s offshore. The agreement, signed in Houston, United States of America, extends the concession for 20 years, until 2050. Within the scope of this extension, CABGOC continues to be the operator of the Block, with a 39.2% stake. The contractor group includes Sonangol, E.P., with a 41% stake; Total, with 10%; and Eni Angola, with 9.8%. The signing ceremony was attended by the Angola’s Secretary of State for Oil and Gas, José Barroso; the acting President of ANPG, Belarmino Chitangueleca; Derek Magness, of Chevron; Joaquim Fernandes, from Sonangol; and Jaime Luzolo, from Eni.

Belarmino Chitangueleca, Acting Chairman of the Boards of Directors of the National Agency for Petroleum, Gas and Biofuels, considers this agreement very important, because “it means the continuity and trust of a partner that comes from a long time and that has contributed greatly to the affirmation of Angola as a great oil producer in Africa”. The extension of this Concession is a sign of the counteraction of the decline of production and for the pursuance of our focus on its growth in the medium and long term”.

"We are pleased with the opportunity to maintain our partnership with the Angolan government and with the Block 0 associates, under which we will continue to use our technical and professional skills in the areas of exploration and production in Angola, which are recognized worldwide," emphasizes Billy Lacobie, General Manager of Chevron's Southern Africa Strategic Business Unit. The same official adds: "We are proud to have played a significant role in the development of the oil and gas industry in Angola, a country where we have been working for 60 years now, and we have the firm objective of continuing to contribute to the supply of reliable, accessible and increasingly clean energy for Angolans, enabling humanity to progress and propelling Angola to an advanced stage of progress and development".

In addition to Block 0, CABGOC operates and holds a 31% interest in a production sharing contract (PSC) in Block 14, in deep waters, located west of Block 0. In 2020 CABGOC's net daily average production was 89,000 barrels of oil and 340 million cubic feet of natural gas.

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