(Ecofin Agency) – Angola has been actively working for several months to strengthen its influence in the oil and gas sector, one of the main engines of growth of its economy.
Sonangol, Angola’s public oil company, formalized, Wednesday June 19, the signing of an agreement with Cabinda Gulf Oil Company Limited (CABGOC), the local subsidiary of the American oil and gas group Chevron, concerning blocks 49 and 50, two concessions located offshore in the interior Congo basin.
On these two areas considered to be particularly risky for oil and gas exploration, the stakeholders agreed to the conclusion of two risk service contracts (RSC), committing Chevron to carry out studies to assess the risks associated with the research hydrocarbons on these sites.
As part of these operations which will be launched immediately, CABGOC will hold an 80% stake, with the remaining 20% held by Sonangol. They are of crucial importance not only for the determination of exploitable hydrocarbon potential from these sites, but more generally for oil and gas exploration.
As for their contribution to improving Angola’s oil production, Paulino Jerónimo, chairman of the board of directors of the National Oil, Gas and Biofuels Agency (ANPG), believes that it is not not envisaged in the short term.
For NJ Ayuk, the executive chairman of the African Energy Chamber, “Chevron’s signing of two RSCs once again highlights the value of implementing a strong regulatory and tax environment in Africa,” essential to encourage better monetization of the continent’s oil and gas resources, in a context of recurring energy deficit.
Abdel-Latif Boureima
Read also:
05/14/2024 – Angola: ANPG reports new progress in the exploration of offshore block 15
02/27/2024 – Angola: the government expects investments of $71 billion in the oil sector by 2028
