Chevron Strikes Oil and Gas Condensate Discovery Offshore Angola

Chevron has made a significant oil and gas condensate discovery offshore Angola in Block 0, located in the Lower Congo Basin. The company's subsidiary Cabinda Gulf Oil Company Limited (CABGOC) confirmed the discovery through its exploration well 105-4X.

The well encountered an oil and gas condensate column of more than 600 meters in the primary Pinda reservoir, including over 90 meters of net pay in high-quality reservoir rock. This discovery has the potential to be developed as a tie-back to Chevron's existing facilities nearby, providing a capital-efficient path to production.

Chevron Vice President for Exploration Kevin McLachlan said that this discovery is 'another important milestone' for the company's over 70-year history in Angola. He noted that combining high-impact exploration with infrastructure-led opportunities close to existing facilities is key to growing the resource base, creating value, and demonstrating Chevron's strategy.

The discovery adds to Chevron's exploration portfolio in Sub-Saharan Africa, where it produces around 300,000 barrels of oil equivalent per day. Chevron has expanded its regional portfolio over the past year with several significant discoveries and additions to its acreage in Nigeria, Guinea-Bissau, Equatorial Guinea, and Namibia.