American oil major Chevron has inked a preliminary agreement with Angola’s upstream regulator the National Oil, Gas and Biofuels Agency (ANPG) to explore for oil in the country’s offshore block 33/24 located in the Lower Congo Basin.
This development was disclosed by Chevron on Wednesday in Luanda at the ongoing Angola National Oil & Gas Exhibition, the premier dealmaking platform for the country’s oil and gas industry.
The ultra-deep-water block in question is located adjacent to Angola’s prolific Block 17 and Block 32 and has a water depth ranging from 1,875m to 2,375m.
To date, the block has recorded six exploration wells including Jinguinga-0, Calulu-01, Funge-01, Muteta-01, Muzongue-01 and Sumate-01.
Exploration work on the block is supported by extensive seismic data.
As part of its MegaSurvey of the block, the country’s national concessionaire ANPG and data acquisition company PGS in 2024 released 3D seismic data spanning 4,238 square km of open acreage.
These preliminary assessments will help Chevron to target high-yield sections on the proven plays for optimum drilling performance through the risk services contract.
What you should know
Angola is leveraging the two-day Luanda oil and gas conference to continue pitch opportunities in both active and undeveloped basins to potential investors.
In its quest to maintain robust oil production, the Angolan government in June unveiled plans to invest up to $60 billion in the oil and gas sector before 2030.
Meanwhile, the country has recorded significant upstream progress that is expected to reflect in barrels in the coming weeks.
Azule Energy, a joint venture between Eni and BP brought the Agogo FPSO online, beginning with an initial capacity of 30,000 barrels of oil daily.
Also, TotalEnergies unlocked a further 60,000 barrels daily from CLOV-3 and BEGONIA offshore fields.
Sonangol’s subsidiary (Sonadrill) also recently secured two drilling deals to explore Angola’s offshore waters. The campaign will kick off this quarter.
Chevron, which currently controls 26% of Angola’s oil and gas market, hopes the Block 33 contract will help expand its footprint.
“But the execution of the RSC remains subject to regulatory approvals,” it said.
