Chevron, Angola government looking into lower carbon business opportunities

Chevron New Energies, a Chevron U.S. division, and the government of Angola have signed a memorandum of understanding (MoU) to explore potential lower carbon business opportunities in Angola.

The signature was hosted in October 2023 in Luanda, Angola, by Cabinda Gulf Oil Company Limited (CABGOC), Chevron’s subsidiary in Angola.

According to Chevron, the company 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, as well as the creation of a regional center of excellence to incentivize and attract lower carbon investments.

Furthermore, 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, Chevron said.

“We are excited to build upon Chevron’s nearly 70-year operational history in Angola. This MoU demonstrates Chevron and Angola’s commitment to continue identifying lower carbon opportunities through collaboration and partnership. Through our work here, we hope to provide affordable, reliable, ever-cleaner energy, and help the industries and customers who use our products advance their lower carbon goals,” Jeff Gustavson, President of Chevron New Energies, stated.

Clay Neff, President of Chevron International Exploration and Production, noted: “Chevron has been a major player in Africa for over a century and Angola is a key country for us… 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.”

To note, at the 26th United Nations Climate Change Conference (COP26), Angolan President João Lourenço pledged to increase Angola’s renewable energy capacity to 70% of the country’s energy matrix by 2025.