Sonangol and Cabinda Gulf Oil Company Limited (CABGOC), a Chevron subsidiary in Angola, signed this Tuesday, in Luanda, two “Risk Service Contracts” for the concession of blocks 49 and 50, both in the Lower Congo Basin , considered a risk zone for oil exploration.
With 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 Pesquisa e Produção holds 20 percent.
In 70 years of operation in Angola, these concessions constitute the first assets operated by CABGOC outside Cabinda (Block 0).
By the way, Chevron’s general 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 begin research and evaluation work until reaching exploration as the final result.
Despite expressing interest in increasing production, the minister recalled that the aforementioned oil fields will not yet count towards production in 2024 and 2025.
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 that occasion, he reiterated the Government’s commitment to promoting 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 continues to be implemented for seven years ”, he reinforced.
For his part, the president of the Board of Directors of the National Petroleum, Gas and Biofuels Agency, Paulino Jerónimo, said that the country 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/day, from the beginning of 2024.
The manager stated that his team is committed to changing the paradigm and is 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 contract in blocks 14 and 14/23. ML/QCB
2024-06-18 23:07:21