press release CABGOC signs a production sharing agreement with the Republic of Angola and the Democratic Republic of Congo

Luanda, December 21, 2023 - Cabinda Gulf Oil Company Limited (CABGOC), Chevron’s subsidiary in Angola, signed today a Production Sharing Agreement (PSA) to operate the newly created Block 14/23 (B14/23) concession area, located in the Zone of Common Interest (ZIC), established between the Republic of Angola and Democratic Republic of Congo maritime area.

ZIC is a joint interest zone created in 2007 and located between the maritime area of the Republic of Angola and Democratic Republic of Congo maritime area.

“Chevron takes great pride in continuing to be a steadfast and resilient partner in the region. This agreement is an opportunity to continue to partner with the local governments and our stakeholders to apply our industry-leading exploration and production capabilities,” said Billy Lacobie, Managing Director of Southern Africa Strategic Business Unit. “As a long-term partner, we remain committed to continuing to help provide reliable, affordable, ever-cleaner energy to benefit the region.”

Under this PSA signed with the Governments of the Republic of Angola and the Democratic Republic of Congo, CABGOC will be the operator holding a 31% interest in the B14/23 concession. The joint venture partners are AZULE Energy (20%), ETU Energias (20%), GALP (9%), Sonangol (10%) and Sonahydroc SA (10%).

CABGOC builds upon more than 65 years operational history in Angola. The company operates and holds a 39.2 percent interest in Block 0, a concession adjacent to the Cabinda coastline, and a 31 percent operated interest in a PSA in deepwater Block 14, located West of Block 0. In 2022, gross production averaged 204,000 barrels of liquids and 259 million cubic feet of natural gas.

The company also has a 36.4 percent interest in Angola LNG Limited, which operates a 5.2 million-metric-ton-per-year LNG plant located in Soyo.

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Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable, and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals, and additives; and develops technologies that enhance our business and the industry. We aim to grow our traditional oil and gas business, lower the carbon intensity of our operations, and grow new lower carbon businesses in renewable fuels, hydrogen, carbon capture, offsets, and other emerging technologies. More information about Chevron is available at www.chevron.com.

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Contact: Ana Luisa da Silva 226 692 600 Ext.:1370 Tlm.:923666705 email: analuisa.correiadasilva@chevron.com