05:12 AM EDT, 09/04/2025 (MT Newswires) -- (Updates with company statement in third paragraph.)

Chevron ( CVX ) has signed a preliminary agreement with Angola's ANPG to explore for oil in offshore block 33/24, Reuters reported Wednesday.

The risk services contract with the National Oil, Gas and Biofuels Agency was signed during an energy conference in Angola, the report said.

"Chevron Angola Block 33 Limited confirms that it has entered into a commercial agreement with the Angolan National Concessionaire to pursue a Risk Services Contract (RSC) for Block 33/24, located in the Lower Congo Basin adjacent to Blocks 17 and 32. The execution of the RSC remains subject to regulatory approvals," a Chevron ( CVX ) spokesperson said in a statement e-mailed to MT Newswires.

Chevron ( CVX ) shares were 2.4% lower in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)