Chevron New Energies, a Chevron U.S.A. Inc. division and the Angola Government have created an MoU, which was recently signed in Luanda, during an event hosted by Cabinda Gulf Oil Company Limited (CABGOC), Chevron’s subsidiary in Angola. This MoU concerns the companies agreement to research lower carbon opportunities.
These lower carbon opportunities include projects related to nature-based and technological carbon offsets, lower-carbon intensity biofuels, as well as products such as hydrogen, carbon capture and storage. All of this research will be focused on opportunities within Angola. Furthermore, the companies will also create a regional centre of excellence, which they will be creating with the aim to incentivise and draw in lower carbon investments.
Chevron New Energies was developed in 2021 and is a Chevron U.S.A. Inc. division, which was created to focus on lower carbon solutions, as well as scale businesses in hydrogen, CCUS and offsets, along with lower carbon opportunities. Now Chevron New Energies and CABGOC have agreed to collaborate with the Angora Government, with the aim of creating opportunities and beginning a regional ‘energy expansion’ initiative. This initiative will be focused on enabling sustainable economic growth, plus access to cleaner and reliable energy sources, as well as environmental sustainability.
The President of Chevron International Exploration and Production, Clay Neff, commented, “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, and we take great pride in continuing to be a steadfast and resilient partner. Last year, we renewed the concession for Block 0 for 20 years, through 2050. 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.”
The Angola Government is also driving towards increasing Angola’s renewable energy capacity, with Angolan President João Lourenço pledging to increase Angola’s renewable energy capacity to 70% of the country’s energy matrix by 2025. This is an improvement to their previous aim which stated that they would increase renewable energy by 2030.
The Managing Director of Southern Africa Strategic Business Unit, Billy Lacobie, commented, “We are excited to open another chapter to grow our partnership with the Government of Angola in the diversification and development of Angola’s energy expansion. This Memorandum of Understanding creates an opportunity for Chevron to enlarge our footprint in country to provide reliable, affordable and lower-carbon energy and to identify ways to reduce energy poverty, address climate impact and improve quality of life of local communities.”