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Chevron Sets the Pace for U.S. Investment in sub-Saharan Gas Monetization

While American multinationalChevron has come to define the oil andgas business – officially overtaking ExxonMobil last October as the largest U.S. oil company by market cap – the current clean energy transition has driven oil and gas majors to adapt their business models to a new ethos.  

In a Februaryinterview with CNN,Mike Wirth, Chairman of the Board and CEO of Chevron, noted that while European majors undergo processes to green their portfolios via solar, wind and new renewables, Chevron will prioritize the phased development of renewable natural gas, green hydrogen and carbon capture and storage, as well as continued expansion into shale and Liquefied Natural Gas (LNG). In allocating resources to assets aligned with reduced carbon emissions, the African continent represents a valuable opportunity for U.S.  companies to grow their gas business and position natural gas as a relatively clean-burning transition fuel.  

In addition to playing a significant role in the growth of sub-Saharan Africa’s largest crude producers – Nigeria and Angola – Chevron has pioneered gas monetization in both countries and is well-positioned to advance the continent along its path toward generating regional gas exports, meeting rising power demand through gas-to-power developments and establishing industrialized economies.   


Chevron’s operations in two exploration and production concessions in Angola – offshore Blocks 0 and 14 – have dramatically reduced the practice of gas-flaring by capturing associated gas. In Block 0, the company has continuedto develop its Mafumeira Sul liquids and natural gas project, which is the $5.6-billion second-phase development of the offshore Mafumeira Field. The main production facility of the second development stage was brought online in 2017, and first liquefied petroleum gas export began in 2018, with three new wells drilled in 2019. Associated natural gas from the field is commercialized through the onshore Angola LNG plant in Soyo – in which Chevron holds a 36.4% interest – representing the first LNG plant globally to be supplied with associated gas. 

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Source: AfricaOilandPower

Chevron Sets the Pace for U.S. Investment in sub-Saharan Gas Monetization

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