Chevron has signed a preliminary agreement with Angola’s national oil and gas concessionaire, ANPG, to explore offshore Block 33/24 in the Lower Congo Basin, Reuters reported. The deal, structured as a risk services contract (RSC), was unveiled at the opening of an energy conference in Luanda, underscoring Chevron’s continued expansion in African upstream markets.
The block is located near Angola’s highly productive Blocks 17 and 32, making it a strategically significant addition to Chevron’s portfolio. However, the agreement will only move forward once regulatory approvals are secured, industry officials confirmed in the briefing, as highlighted in Reuters coverage.
Angola, Africa’s second-largest oil producer, has been grappling with stagnant oil output and is increasingly turning to gas projects to bolster revenues. Chevron’s deal fits into this broader effort to attract investment into exploration and diversify production sources, energy analysts cited by Reuters noted.
Market watchers suggest that if the venture progresses, it could strengthen Chevron’s position in the region and complement Angola’s drive to maintain relevance in global energy markets despite exiting OPEC earlier this year.
