Chevron Expands Angola Assets
Chevron has signed two risk service contracts (RSCs) for Block 49 and Block 50 in the ultra-deepwater Lower Congo Basin of Angola through its Angolan subsidiary Cabinda Gulf Oil Company Limited, kicking off exploration work and laying the groundwork for development of the blocks, the African Energy Chamber said in a statement. Blocks 49 and 50 are located in close proximity to existing concessions, offering high yield opportunities and further expanding Angola’s ultra-deepwater production portfolio.
Earlier this year, Chevron signed an agreement with Angola’s national concessionaire, the National Agency for Petroleum, Gas and Biofuels, to conduct seismic surveys on Blocks 49 and 50, which will facilitate the exploration program.
The new agreement rounds out Chevron’s assets in Angola. The company currently has a 26% market share in the country in Blocks 0, 14, and 14/23 and holds interests in the Angola LNG plant.
Block 0 consists of 21 fields, Block 14 consists of 9 fields, and produces an average of 70,000 barrels of liquids per day and 259 million cubic feet of natural gas per day. Chevron also signed a production sharing agreement in 2023 to manage operations in the Block 14/23 concession area. The concession is located in an area of common interest between Angola and the Democratic Republic of the Congo, and under the agreement, Chevron acts as the operator with a 31% stake in the block.
