Cabinda Gulf Oil Company Limited (CABGOC) signed this Thursday a Production Sharing Agreement (PSA) to operate a new concession in Block 14/23, located in the Zone of Common Interest (ZIC) offshore zone between Angola and the Democratic Republic of Congo.
Under this PSA signed with the governments of the Republic of Angola and the Democratic Republic of Congo (RDCongo), CABGOC, Chevron’s subsidiary in Angola, will be the concession operator with a 31% stake in the block.
According to a press release accessed by Lusa, the consortium partners include Azule Energy, a joint venture of BP and ENI (20%), ETU Energias (20%), Galp (9%), Sonangol (10%) and Sonahydroc SA. (10%).
The agreement was initialed in Luanda in the presence of the Minister of Mineral Resources, Oil and Gas of Angola, Diamantino Pedro Azevedo, and the Minister of Hydrocarbons of the Democratic Republic of Congo, Didier Ntubuanga.
The ZIC is a zone of common interest created in 2007 and located in the maritime zone between Angola and DR Congo.
Billy Lakobie, CEO of Chevron’s Strategic Business Unit in South Africa, was quoted in the statement as expressing “great pride in continuing to be a steadfast and sustainable partner in the region.”
“This agreement provides an opportunity to continue to form partnerships with local governments and our partners to apply our innovative exploration and production capabilities to the oil industry,” he said.
CABGOC has a historical heritage of over 65 years of operation in Angola.