Luanda - Sonangol and Cabinda Gulf Oil Company Limited (CABGOC), Chevron's subsidiary in Angola, on Tuesday in Luanda signed two 'Risk Services Contracts' for the concession of blocks 49 and 50, both in the Lower Congo Basin, considered a risk zone for oil exploration.
Under this agreement, Chevron will carry out studies when exploring the offshore blocks and assess the risks, as well as analyze whether or not there are reserves to be explored.
The respective contracts indicate that CABGOC holds an 80 percent stake and Sonangol Research and Production 20 percent.
In 70 years of operation in Angola, these concessions are the first assets operated by CABGOC outside Cabinda (Block 0).
In this regard, Chevron's managing director in Angola, Billy Lacobie, considered blocks 49 and 50 as a new opportunity to share technology and expand its operations in the country, constituting a significant portfolio for the company.
The Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, said that, from this moment on, he will start the research and evaluation work until reaching exploration as a final result.
Despite expressing interest in increasing production, the minister recalled that the aforementioned oil fields will not yet count for the 2024 and 2025 production.
For the minister, the signing of the contracts represents a sign that the country continues to be an important hub for the oil industry in the world.
On the occasion, he reiterated the Government's commitment to promote the stabilization of crude oil production levels.
'We are aware that both blocks, due to geological conditions, are in risk zones, so the tax incentives are justified and will still be open to adjustments, in light of the reform process that has continued to be implemented for seven years,' he reinforced.
For his part, the chairman of the Board of Directors of the National Agency of Oil, Gas and Biofuels, Paulino Jerónimo, said that the country has recorded an increase in the production of barrels of oil in the last six days, contrary to the usual one million and 200 thousand barrels per day, since the beginning of 2024.
The manager stated that his team is engaged in the paradigm shift and aware that the continuous increase in production depends on the growth of exploration activity.
CABGOC holds 39.2% in Block 0 and a 31% stake in a sharing agreement in blocks 14 and 14/23. ML/QCB/DOJ
