Chevron, ANPG sign agreement to explore for oil offshore Angola

US oil and gas giant Chevron has signed a preliminary agreement with the National Oil, Gas & Biofuels Agency (ANPG), Angola’s oil and gas concessionaire and upstream regulator, to explore for oil in the offshore Block 33/24.

The agreement, which is a risk services contract (RSC), was signed on the first day of the Angola Oil & Gas (AOG) annual conference taking place in Luanda, Reuters reported on September 3. “The execution of the RSC remains subject to regulatory approvals,” the US supermajor said in a statement as cited by the media agency.

Block 33 is an ultra-deepwater block located approximately 173km offshore, to the northeast of Luanda Province in the Lower Congo Basin. Its water depth varies from 1,875m to 2,375m. The block covers an area of about 4,925km2.

According to ANPG, exploration activities on the block started in 2002, with six wells drilled to-date: Funge-01, Calulu-01, Muteta-01, Jinguinga-01, Muzongue-01 and Sumate-01. Block 33 is adjacent to the prolific producing Block 17 and Block32, both operated by France’s supermajor TotalEnergies and partners. The two blocks host some of Angola’s largest and most productive deepwater oil discoveries, which have been central to Angola’s upstream success for over two decades.

Chevron maintains a significant and long-standing presence in Angola through its subsidiary, Cabinda Gulf Oil Company Limited (CABGOC). Chevron has been operating in Angola since 1954, with its first geological survey conducted that year. The company has since discovered and developed major oil fields, playing a crucial role in the nation’s economic growth.

In addition to its upstream operations, Chevron is a key shareholder in the Angola Liquefied Natural Gas (ALNG) project, the country's first LNG facility. Furthermore, Chevron is part of the New Gas Consortium, developing Angola’s first non-associated gas project, expected to come online by 2026, as recently reported by NewsBase.

Chevron’s new agreement with the ANPG, signed on the eve of the country’s 50^th independence anniversary, underscores AOG 2025 role as Angola’s premier oil and gas investment platform.

Angolan President João Lourenço inaugurated the AOG 2025 conference, highlighting the ongoing importance of oil and gas in driving the country’s economic growth and outlining his vision for the sector’s future contribution to Angola’s development.

“The oil sector has been instrumental for the growth of our country. Exploration and production of natural resources has contributed to the improvement of the living conditions of the people of Angola,” Lourenço said as quoted by Energy Capital&Power (ECP).

“Angola provides investment conditions that ensure contract, stability, legal certainty and investment durability. Cooperation between private and public sector, between international companies and local partners, will be key for achieving our aspirations,” he stated.