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The National Agency for Oil, Gas and Biofuels, as National Concessionaire, and the consortia formed by the companies Cabinda Gulf Oil Company Limited (Chevron's subsidiary in Angola) and Sonangol Pesquisa & Produção, SA signed in Luanda the risk service contracts for the concession areas of Blocks 49 and 50. These two Blocks are located in the ultra-deep waters of the Lower Congo Basin and, due to the geological conditions, present an increased operational complexity, associated with a high research risk, which is why the risk service contracts were signed
The Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, encouraged the role of companies in the national strategy to stabilize production levels. “I would like to take this opportunity to challenge Sonangol and Chevron to complete the exploration phase in record time and thus reach the production phase with additional milestones. Not because we think it will be an easy task. Rather, we believe in your maturity and technological mastery, combined with the long history of achievements in the Angolan oil sector. We are aware that Blocks 49 and 50 are located in areas with high exploration and operational risk, due to the geological conditions in this area of the Lower Congo Basin. The tax incentives are more than justified,” he stressed