Chevron inks a Memorandum of Understanding with CABGOC to reinforce low-carbon businesses

Chevron's New Energies division and its Angolan subsidiary, CABGOC, have entered into a Memorandum of Understanding (MOU) with Angola's government to jointly explore lower-carbon business opportunities within the country. The partnership is set to focus on initiatives such as nature-based and technological carbon offsets, the production of lower-carbon intensity biofuels, hydrogen, and carbon capture and storage projects, and aims to establish Angola as a regional hub for sustainable energy investments.

This agreement marks a step forward in Chevron's nearly 70-year history of operations in Angola and aligns with the country's environmental pledges, which include a significant increase in renewable energy capacity and a reduction in carbon emissions by 2025. By renewing their concession in Angola through 2050, Chevron has demonstrated its long-term commitment to the country's energy resource development and transition to a lower carbon future.

CABGOC, a key oil producer in Angola, supports this vision with substantial daily outputs of oil and natural gas. In addition to production, Chevron and CABGOC have invested heavily in local community development across Angola's provinces, highlighting their commitment to not just economic growth but also to improving the quality of life and addressing energy poverty in the region. The workforce of CABGOC, which is largely Angolan, showcases the company's focus on creating local opportunities and fostering national expertise in the energy sector.

According to the article by Procurement Resource, Chevron, through its Chevron New Energies division, has signed an MOU with Angola to explore lower carbon energy opportunities, aligning with Angola's environmental goals. This includes projects on carbon offsets, biofuels, and hydrogen. Chevron reaffirms its commitment to Angola's sustainable development with a 70-year history in the region, significant investments in community development, and a focus on local employment within the energy sector.