Chevron Solidifies Low-Carbon Strategy with Angola in New Deal

by Adenike Adeodun

In a significant move towards enhancing Angola’s energy sector sustainability, Chevron’s subsidiary, Cabinda Gulf Oil Company Limited (CABGOC), has forged a partnership with the nation, underpinning a commitment to identify and develop low-carbon business opportunities. This collaboration, encapsulated in a recently signed Memorandum of Understanding (MoU), seeks to propel Angola’s pursuit of diversified and secure energy sources while fostering economic growth and environmental stewardship.

Jeff Gustavson, President of Chevron, underscored the company’s objectives: “We are set to deliver affordable, reliable, and increasingly cleaner energy. Our efforts will support industries and consumers striving to meet their lower carbon objectives.”

The MoU outlines plans for a comprehensive investigation into nature-driven carbon offsets, with a spotlight on pioneering hydrogen and carbon capture technologies. These initiatives will contribute to a robust energy production framework and enrich Angola’s energy landscape with a diverse mix of resources.

Additionally, Chevron and Angola aim to establish a regional hub for excellence specifically designed to incentivize and draw investments in low-carbon energy sources.

Billy Lacobie, Managing Director of the Southern Africa Strategic Business Unit, highlighted the mutual benefits of the agreement: “This partnership allows us to broaden our presence in Angola, mitigating energy poverty and elevating the quality of life for its citizens.”

With over seven decades of operations in Angola, Chevron’s current endeavors include managing two concessions, Block 0 and Block 14, boasting an output of 70,000 barrels of liquids and 259 million cubic feet of natural gas daily.

“Last year marked a milestone as we extended the Block 0 concession for an additional 20 years, securing operations until 2050,” said Clay Neff, President of Chevron International Exploration and Production.

Angola is actively advancing its energy decarbonization agenda, targeting an ambitious integration of renewable energy sources to constitute 70% of the country’s energy mix. According to a report by Energy Capital & Power, the nation also aspires to a 14% reduction in emissions by the year 2025, with Chevron’s involvement poised to play a pivotal role in these environmental objectives.

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