Chevron and Angola sign a preliminary deal to search for oil in an offshore block

The U.S. oil company announced on Wednesday that Chevron (CVX.N), which opens a new tab, has inked a preliminary agreement with Angola’s national oil and gas concessionaire ANPG to conduct oil exploration in the nation’s offshore block 33/24.

On the first day of the country’s energy conference, the risk services agreement was inked with the National Oil, Gas, and Biofuels Agency of Angola.

Chevron stated in a statement that “the execution of the RSC remains subject to regulatory approvals.”

The prolific Blocks 17 and 32 are located next to the deep-water block, which is located in the Lower Congo Basin.