Chevron to Explore Lower Carbon Opportunities in Angola

Chevron Corp. has pledged to look into potential carbon capture and biofuel operations in Angola through a pact involving its lower carbon division in the USA and the government in Luanda.
“Chevron and the Angola Government plan to evaluate various projects related to nature-based and technological carbon offsets, lower-carbon intensity biofuels and products such as hydrogen, carbon capture and storage, and the creation of a regional center of excellence to incentivize and attract lower carbon investments”, Chevron said in a recent press release.
The memorandum of understanding was signed by Chevron USA Inc.’s Chevron New Energies, Chevron’s Angolan subsidiary Cabinda Gulf Oil Co. Ltd. (Cabgoc) and the south-central African country.
“Chevron New Energies and CABGOC are combining synergies in collaboration with the Angola Government to create opportunities and launch a regional ‘energy expansion’ initiative focused on enabling sustainable economic growth, access to cleaner and reliable energy sources and environmental sustainability”, the announcement said.
Clay Neff, Chevron president for international exploration and production, said in the news release, “Chevron has been a major player in Africa for over a century and Angola is a key country for us”.
“We were one of the first U.S. companies to enter the country… As a long-term partner, we remain committed to supporting Angola in developing its energy resources for the benefit of its people and the region, as we advance to a lower carbon future”, Neff added.
Chevron last year secured a 20-year license renewal for Block 0 off the coast of Cabinda province, one of two interests operated by the USA energy giant in Angola. It also holds a non-operated stake in Angola LNG Ltd., a 5.2 million-metric-ton-per-year plant.
Cabinda Gulf Oil is among the biggest oil producers in Angola, averaging 70,000 barrels per day in 2022, according to Chevron. Angola is one of seven African states in the 13-member Organization of Petroleum Exporting Countries along with Algeria, Congo-Brazzaville, Equatorial Guinea, Gabon, Libya and Nigeria.
Angola has committed to cut greenhouse gas emissions by 24 percent compared to 2015 levels by 2025, 10 percent of which is conditional on support, according to the country’s National Determined Contribution (NDC) deposited before the UN Framework Convention on Climate Change May 31, 2021. NDCs are part of the 2015 Paris Agreement to prevent the global average temperature from going two degrees Celsius (35.6 degrees Fahrenheit) above pre-industrial levels and rein in the rise further to 1.5C (34.7F).
Chevron meanwhile declared October 11, 2021 a goal of achieving net-zero scope 1 and 2 emissions from its upstream operations by 2050.

About Parvin Faghfouri Azar

Check Also

Over 110 Countries Support Tripling Renewables by 2030

More than 110 countries want the COP28 climate negotiations to adopt a goal of tripling …

Leave a Reply

Your email address will not be published. Required fields are marked *