Chevron, Angola government to collaborate on low carbon opportunities

(WO) – Cabinda Gulf Oil Company Limited (CABGOC), a Chevron’s subsidiary in Angola, hosted in Luanda a signature of a Memorandum of Understanding (MOU) between Chevron New Energies, a Chevron U.S.A. Inc. division, and the Angola Government to explore potential lower carbon business opportunities in Angola.

Chevron and the Angola Government plan to evaluate various projects related to nature-based and technological carbon offsets, lower-carbon intensity biofuels and products such as hydrogen, carbon capture and storage, and the creation of a regional center of excellence to incentivize and attract lower carbon investments.

Chevron New Energies and CABGOC are combining synergies in collaboration with the Angola Government to create opportunities and launch a regional “energy expansion” initiative focused on enabling sustainable economic growth, access to cleaner and reliable energy sources and environmental sustainability.

At the 26th United Nations Climate Change Conference (COP26), Angolan President João Lourenço, pledged to increase Angola’s renewable energy capacity to 70% of the country’s energy matrix by 2025. Under its revised National Determined Contribution (NDC), Angola brought forward its target year for cutting emissions from 2030 in its first NDC to 2025, with the country aiming to reduce emissions up to 14 percent compared to business-as-usual, with a further 10% conditional on support.

Chevron New Energies is a Chevron U.S.A. Inc. division created in 2021 to focus on creating competitive business lines to provide integrated, lower carbon solutions across the value chain, as well as advance lower carbon solutions, and scale businesses in hydrogen; carbon capture, utilization, and storage; and offsets and emerging lower carbon opportunities.

CABGOC operates two concessions in Angola – Block 0 and 14. CABGOC is among the largest oil producers in the country, with an average daily production of 70,000 bbl of liquids and 259 MMcfg in 2022. Additionally, more than 70% of the workforce is comprised of Angolan nationals. Over the years, CABGOC and the partners of Blocks 0 and 14 have invested more than $250 million in community development in the 18 provinces of Angola.

“Chevron has been a major player in Africa for over a century and Angola is a key country for us. We were one of the first U.S. companies to enter the country, and we take great pride in continuing to be a steadfast and resilient partner. Last year, we renewed the concession for Block 0 for 20 years, through 2050,” said Clay Neff, President of Chevron International Exploration and Production. “As a long-term partner, we remain committed to supporting Angola in developing its energy resources for the benefit of its people and the region, as we advance to a lower carbon future.”

Lead image source: Chevron