press release chevron and angola government announce collaboration on lower carbon opportunities

Cabinda, October 30 2023 – 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.

“We are excited to build upon Chevron’s nearly 70-year operational history in Angola. This MOU demonstrates Chevron and Angola’s commitment to continue identifying lower carbon opportunities through collaboration and partnership,” said Jeff Gustavson, President of Chevron New Energies. “Through our work here, we hope to provide affordable, reliable, ever-cleaner energy, and help the industries and customers who use our products advance their lower carbon goals.”

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. 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.

“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.”

At the 26th United Nations Climate Change Conference (COP26), Angolan President João Lourenço, pledged to increase Angola’s renewable energy capacity to 70 percent 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 percent conditional on support.

“We are excited to open another chapter to grow our partnership with the Government of Angola in the diversification and development of Angola’s energy expansion” said Billy Lacobie, Managing Director of Southern Africa Strategic Business Unit. “This Memorandum of Understanding creates an opportunity for Chevron to enlarge our footprint in country to provide reliable, affordable and lower-carbon energy and to identify ways to reduce energy poverty, address climate impact and improve quality of life of local communities.”

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 barrels of liquids and 259 million cubic feet of natural gas in 2022 and more than 90 percent of the workforce comprised by Angolan nationals. Over the years, CABGOC and the partners of Blocks 0 and 14 have invested more than US $250 million (USD) in community development in the 18 provinces of Angola.