U.S. multinational energy corporation Chevron has announced the extension of its concession for Block 0 offshore Angola.
Under the new agreement – received by the company’s wholly owned subsidiary Cabinda Gulf Oil Company (CABGOC) – Chevron will extend the concession for 20 years, with CABGOC as the operator.
Located off the coast of Cabinda province, Chevron’s partners for Block 0 – Sonangol (41%, TotalEnergies (10%), and ENI (9.8%) – remain unchanged, with CABGOC holding a 39.1% interest in the Block.
“We are pleased with the opportunity to continue to partner with the government of Angola and our Block 0 associates to apply our industry-leading exploration and production capabilities in Angola, where we have had a presence for more than 60 years,” stated Billy Lacobie, Managing Director of Chevron’s Southern Africa Strategic Business Unit.
Divided into Areas A and B, Block 0 contains 21 fields of which some are already in production. The Block represents a lucrative destination, holding significant potential.
“We are proud to have played a significant role in the development of the country’s oil and gas industry, and we look forward to continuing to help provide reliable, affordable, ever-cleaner energy that enables human progress and powers Angola forward,” Lacobie continued.