Chevron has signed an MoU with the government of Angola to explore the viability of a wide variety of emission-related projects, ranging from carbon offsets through natural and technological approaches, hydrogen production, carbon capture and biofuels.
The project will operate through Chevron New Energies and its subsidiary in the country – Cabinda Gulf Oil Co. Ltd. – and will create a center of excellence with the goal of becoming a hub for investments and expertise in low carbon operations in the region.
“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,” said Clay Neff, President of Chevron International Exploration and Production. “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 project is being developed in the broader context of pledges from both parties about reducing their emissions.
Two years ago President João Lourenço pledged that Angola will increase its renewable energy production to 70% by 2025 and reduce its emissions by 24% in the same period. Chevron on the other hand has set a target to achieve zero levels for its scope 1 and 2 emissions by 2050.
Carbon capture is becoming a hot topic on the African continent, with Egypt announcing earlier this week that it will be developing its strategy ot utilize the technology.
Hydrogen is also receiving more and more attention, with neighbouring Namibia already working on a $9.4 billion initiative that has the goal of producing 350,000 metric tons of green hydrogen production a year from 5GW of renewable energy.