Ver Angola

Energy

Cabinda Gulf Oil Company renews Block 0 concession for 20 years

Cabinda Gulf Oil Company Limited (Cabgoc), a subsidiary of Chevron in Angola, renewed, for 20 years, the concession of Block 0, off the coast of Cabinda province, informed this Monday the US company.

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According to a statement, to which Lusa had access, the agreement signed in Houston, in the United States of America, extends the Block concession until 2050.

Within the scope of this extension, underlines the note, Cabgoc continues to be the operator of the Block, with a share of 39.2 percent.

The contractor group includes Sonangol, the Angolan state oil company, with a 41 percent stake, Total, with 10 percent, and Eni Angola, with 9.8 percent.

The signing ceremony was attended by the Secretary of State for Oil, Gas and Biofuels, José Barroso, the acting president of ANPG - National Agency for Petroleum, Gas and Biofuels, Belarmino Chitangueleca, as well as Derek Magness, from Chevron, Joaquim Fernandes, from Sonangol, and Jaime Luzolo, from Eni.

The acting president of ANPG considered this agreement very important, because "it means the continuity and trust of a partner that comes from afar and that has greatly contributed to the affirmation of Angola as a major oil producer in Africa".

Belarmino Chitangueleca also considered the extension of the concession "a sign of counteracting the decline in production" and maintaining the focus on its growth in the medium and long term.

In turn, the general director of Chevron's Strategic Business Unit for Southern Africa, Billy Lacobie, expressed satisfaction with the opportunity to maintain the partnership with the Government of Angola and with the Block 0 associates, within which will continue to use their "technical and professional skills in the fields of exploration and production in the country, recognized worldwide".

"We are proud to have played a significant role in the development of the oil and gas industry in Angola, a country where we have been working for 60 years now, and we are firmly committed to continuing to contribute to the supply of reliable, affordable and increasingly cleaner for Angolans, allowing for the progress of humanity and pushing Angola to an advanced stage of progress and development", referred Billy Lacobie.

In addition to Block 0, Cabgoc operates and holds a 31 percent interest in a production-sharing contract in Block 14, in deep waters, located west of Block 0.

In 2020, Cabgoc's average daily net production was 89,000 barrels of liquids and 340 million cubic feet of natural gas.

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