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Chevron signs agreement to explore offshore block in the Congo Basin

Chevron has reached a preliminary agreement with Angola’s national hydrocarbons agency to explore block 33/24, located in deep waters near already productive zones.

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Chevron Corporation announced it has signed a preliminary agreement with the Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG), Angola’s national oil and gas concessionaire, for the exploration of offshore block 33/24. The announcement was made at the opening of an energy conference held in the country.

A contract subject to regulatory approvals

The contract signed between Chevron and ANPG takes the form of a risk services contract, a legal structure used in the industry for exploration projects. According to the company’s statement, “the execution of the risk services contract remains subject to regulatory approvals.” No further details were provided regarding the timeline for the regulatory process.

Block 33/24 is located in deep waters in the Congo Basin, a recognised offshore geological area with strong hydrocarbon potential. It lies directly adjacent to blocks 17 and 32, both known for having generated significant production volumes over the past decades.

Chevron strengthens its presence in Angola

The agreement strengthens Chevron’s activity in Angola, where the company already holds several interests in offshore assets. The country is among the most important oil producers on the African continent, with exploration and production infrastructure concentrated mainly in deepwater areas.

No financial figures or investment volumes were disclosed by Chevron or ANPG regarding this project. The American company did not specify whether drilling operations were already planned in the short term on block 33/24.

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