As part of the renewed agreement, CABGOC will serve as an operator for the block for 20 years up to 2050 with a 39.2% stake
CABGOC has signed 20-year extension deal for Block 0 concession in Angola. (Credit: gloriaurban4 from Pixabay)
Cabinda Gulf Oil (CABGOC), an affiliate of Chevron in Angola, has signed a 20-year extension agreement for Block 0 concession, off the coast of Cabinda province, in Angola.
As part of the renewed deal, CABGOC will serve as an operator for the block for 20 years up to 2050 with a 39.2% stake.
Sociedade Nacional De Combustiveis De Angola – Empresa Pública (Sonangol EP) holds a 41% stake in the block, while TotalEnergies EP Petroleum Angola has a 10% stake and TotalEnergies EP Petroleum Angola owns a 9.8% interest in the block.
Chevron Southern Africa strategic business unit managing director Billy Lacobie said: “We are pleased with the opportunity to continue to partner with the government of Angola and our Block 0 associates to apply our industry-leading exploration and production capabilities in Angola, where we have had a presence for more than 60 years.
“We are proud to have played a significant role in the development of the country’s oil and gas industry, and we look forward to continuing to help provide reliable, affordable, ever-cleaner energy that enables human progress and powers Angola forward.”
Under the production-sharing contract (PSC), CABGOC is also the operator of the deepwater Block 14 with a 31% stake. The Block 14 is situated west of Block 0.
Last year, the net daily production of CABGOC averaged 89,000 barrels of liquids and 340 million cubic feet of natural gas.
Chevron also owns a 36.4% stake in Angola LNG, which is an operator of an onshore natural gas liquefaction plant in Soyo of Zaire province.
The facility holds the capacity to process 1.1 billion cubic feet of natural gas per day.
ALNG is claimed to be the world’s first LNG plant supplied with associated gas, where the natural gas comes as a byproduct from crude oil production.
Feedstock for the facility is derived from multiple fields and operators.