American multinational energy corporation, Chevron, through its Angolan subsidiary – Cabinda Gulf Oil Company Limited (CABGOC) – has signed a Memorandum of Understanding (MoU) with Angola to identify low carbon business opportunities.
They will explore the potential of nature-based technological carbon offsets as well as biofuels, such as hydrogen and carbon capture and storage solutions, to advance Angola’s energy production and energy mix diversification for energy security, economic growth and environmental sustainability.
“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,” said Jeff Gustavson, President of Chevron.
Chevron and Angola also plan to establish a regional center of excellence to incentivize and attract low-carbon energy investments as part of the MoU.
Billy Lacobie, Managing Director of Southern Africa Strategic Business Unit, added that the partnership presents an opportunity for the firm to expand its footprint within the Angolan market, while contributing to energy poverty eradication and a better quality of life for Angolans.
Chevron has been present in Angola for over 70 years and today operates two concessions – Block 0 and 14, with an average daily production of 70,000 barrels of liquids and 259 million cubic feet of natural gas – in-country.
“Last year, we renewed the concession for Block 0 for 20 years, through 2050,” noted Clay Neff, President of Chevron International Exploration and Production.
The partnership comes at a time Angola is advancing its energy decarbonization strategies as the country targets to expand the share of renewables in the energy mix to 70% and reduce emissions by 14% by 2025.