press release ANPG, chevron and sonangol EP want to know the potential of block 34, located in the lower congo basin

Signing of cooperation agreement sets out the intervention lines of this project. 

 

Luanda, June 24, 2019 - ANPG - National Oil, Gas and Biofuel Agency, Cabinda Gulf Oil Company Limited, represented by Chevron Southwest Africa Limited, and SONANGOL EP, signed a cooperation protocol for the study and evaluation. Block 34, located offshore the Lower Congo basin in Angola.

 

By signing this agreement, the parties undertake to jointly evaluate the geological, geophysical, petrophysical and other data, as well as various technical information, with a view to the potential future exploitation of this asset belonging to the Angolan oil sector.

 

“This study reinforces our long-term commitment to the sustainable development of Angola's oil sector and represents our first interest in a block in the Lower Congo basin,” said Derek Magness, Chevron's Managing Director in Angola.

 

Paulino Jerónimo, Chairman of ANPG's Board of Directors, stressed that “this agreement demonstrates the strong partnership between the Republic of Angola and Chevron, and the commitment to work together to understand the country's exploration potential. The results of this study respond to President João Lourenço's call to mitigate production decline and to promote the diversification of Angola's economy.”

 

Gaspar Martins, PCA of Sonangol E.P., in turn underlines the “importance of working together between the three entities to achieve the goal of diversification and increased production and oil in Angola.”