Chevron Corporation signs oil exploration contracts with Angola | APAnews

The American oil company Chevron Corporation has signed agreements with the Angolan government that will allow it to begin exploration of two of its blocks off the Atlantic coast.

The company has signed two Risk Service Contracts (RSC) with the Angolan National Oil, Gas and Biofuels Agency for Blocks 49 and 50, located in the very deep waters of Angola’s Lower Congo Basin.

In a statement released on Thursday, the Executive Chairman of the African Energy Chamber (AEC), NJ Ayuk, welcomed the signing, saying it consolidated Chevron’s 70-year legacy in Angola while highlighting the regulatory framework solidity of the country which allowed such undertakings.

“The recent signing of two RSCs by Chevron highlights the value of implementing a strong regulatory and tax environment in Africa,” said Mr. Ayuk.

He added: “When governments open the market through attractive tax conditions, the industry responds positively.”

He called on other African oil-producing countries to “learn lessons and adopt proactive measures to attract foreign capital.”

The two blocks, located close to the prolific Block 17, are expected to produce substantial returns and contribute to Angola’s ever-expanding portfolio of ultra-deepwater assets.

The signing of the RSCs is the next step in the process of developing the two blocks by Chevron, which was awarded the concessions – through its Angolan subsidiary Cabinda Gulf Oil Company – through a presidential decree in January 2024 .

The RSCs add to Chevron’s strong portfolio of assets in Angola. The company currently has a 26% market share in the country, with interests in Blocks 0 and 14 – which produce an average of 70,000 barrels of liquids per day and 259 million cubic feet of natural gas per day.

JN/lb/te/APA

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