Canada markets open in 3 hours 48 minutes
  • S&P/TSX

    21,058.18
    -146.98 (-0.69%)
     
  • S&P 500

    4,482.73
    -50.03 (-1.10%)
     
  • DOW

    34,715.39
    -313.26 (-0.89%)
     
  • CAD/USD

    0.7992
    -0.0007 (-0.09%)
     
  • CRUDE OIL

    84.08
    -1.47 (-1.72%)
     
  • BTC-CAD

    48,810.70
    -4,143.20 (-7.82%)
     
  • CMC Crypto 200

    921.95
    -73.31 (-7.37%)
     
  • GOLD FUTURES

    1,834.70
    -7.90 (-0.43%)
     
  • RUSSELL 2000

    2,024.04
    -38.75 (-1.88%)
     
  • 10-Yr Bond

    1.8330
    0.0000 (0.00%)
     
  • NASDAQ futures

    14,800.25
    -40.75 (-0.27%)
     
  • VOLATILITY

    26.06
    +2.21 (+9.27%)
     
  • FTSE

    7,530.37
    -54.64 (-0.72%)
     
  • NIKKEI 225

    27,522.26
    -250.67 (-0.90%)
     
  • CAD/EUR

    0.7046
    -0.0021 (-0.30%)
     

CABGOC Secures Renewal of Block 0 Concession in Angola through 2050

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • CVX
  • RUTCX

LUANDA, Angola, December 06, 2021--(BUSINESS WIRE)--Chevron’s affiliate in Angola, Cabinda Gulf Oil Company Limited (CABGOC) announced today the successful extension of the Block 0 concession, off the coast of Cabinda province, in Angola. The agreement extends the concession for 20 years, through 2050. Under the renewed agreement, CABGOC will remain the operator with a 39.2 percent interest on behalf of its partners "Sociedade Nacional De Combustiveis De Angola – Empresa Pública ("Sonangol EP") with a 41 percent interest, TotalEnergies EP Petroleum Angola ("Total") with a 10 percent interest, and Eni Angola Production B.V. ("Eni") with a 9.8 percent interest.

"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," said Billy Lacobie, managing director of Chevron’s Southern Africa Strategic Business Unit. "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."

In addition to Block 0, CABGOC operates and holds a 31 percent interest in a production-sharing contract (PSC) for deepwater Block 14, located west of Block 0. In 2020, CABGOC’s net daily production averaged 89,000 barrels of liquids and 340 million cubic feet of natural gas.

Chevron also has a 36.4 percent interest in Angola LNG Limited, which operates an onshore natural gas liquefaction plant in Soyo, in Zaire province. The plant has the capacity to process 1.1 billion cubic feet of natural gas per day. ALNG is the world’s first LNG plant supplied with associated gas, where the natural gas is a byproduct of crude oil production. Feedstock for the plant originates from multiple fields and operators.

About Chevron

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211206005459/en/

Contacts

Renato Almeida : 226 692 600 Ext.:1370 Tlm.: 946-619-017 E-mail: renato.almeida@chevron.com

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting