By John Ikani
American energy giant Chevron Corporation has secured exploration rights for two new blocks off the Angolan coast, marking a significant expansion of its presence in the African nation.
The company signed Risk Service Contracts (RSC) with Angola’s National Oil, Gas and Biofuels Agency for Block 49 and Block 50, situated in the ultra-deep waters of the Lower Congo Basin.
The signing was applauded by the African Energy Chamber (AEC). Executive chairman NJ Ayuk lauded the deal, highlighting both Chevron’s long-standing commitment to Angola and the country’s favourable regulatory environment that attracts such investments.
“Chevron’s recent move underscores the importance of a strong regulatory and fiscal framework in Africa,” Ayuk stated. He emphasized that “when governments offer attractive terms, the industry responds positively.” Ayuk urged other oil-producing African nations to follow Angola’s lead in attracting foreign capital.
Located near the highly productive Block 17, Blocks 49 and 50 hold immense potential to contribute significantly to Angola’s growing portfolio of ultra-deepwater assets. The signing of the RSCs marks a crucial step in Chevron’s development of the blocks, which were awarded to the company’s Angolan subsidiary, Cabinda Gulf Oil Company, in January 2024.
The new blocks further solidify Chevron’s position as a major player in Angola’s oil and gas sector. The company already boasts a 26% market share in the country, holding interests in Block 0 and Block 14, which currently produce an average of 70,000 barrels of liquids and 259 million cubic feet of natural gas per day.
With the addition of Blocks 49 and 50, Chevron is poised to play an even greater role in Angola’s energy future.
