Cabinda Gulf Oil Company Limited (CABGOC), the affiliate of Chevron in Angola, has secured a 20-year extension of the Block Zero concession, located off the coast of the Cabinda province.

The renewed agreement extends the concession through to 2050.

CABGOC will continue as the operator with a 39.2% stake. The other partners are Sociedade Nacional De Combustiveis De Angola, Empresa Pública (Sonangol EP), TotalEnergies EP Petroleum Angola (Total), and Eni Angola Production.

Sonangol EP has a 41% interest in the concession, while Total and Eni own 10% and 9.8% respectively.

Chevron Southern Africa Strategic Business Unit managing director Billy Lacobie said: “We are pleased with the opportunity to continue to partner with the government of Angola and our Block Zero associates to apply our industry-leading exploration and production capabilities in Angola, where we have had a presence for more than 60 years.

“We are proud to have played a significant role in the development of the country’s oil and gas industry, and we look forward to continuing to help provide reliable, affordable and ever-cleaner energy that enables human progress and powers Angola forward.”

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In Angola, CABGOC also holds a 31% interest in a production-sharing contract (PSC) for the deepwater Block 14, situated west of Block Zero.

Last year, CABGOC produced an average of 89,000 barrels of liquids and 340 million cubic feet of natural gas per day.

Chevron recently unveiled its plans to invest $15bn in new oil and gas projects next year to boost shareholder returns.

The new investment plan represents a more than 20% increase from the levels anticipated in 2021.