Chevron Hits Oil and Gas in Angola's Lower Congo Basin

Chevron has discovered oil and gas condensate in an exploration well off the coast of Angola, as part of its efforts to increase production in sub-Saharan Africa. The discovery was made at Block 0, which is operated by Chevron subsidiary Cabinda Gulf Oil, with a 39.2% working interest.

The well encountered an oil and gas condensate column exceeding 600 meters in the Pinda reservoir, including more than 90 meters of net pay in high-quality rock. Chevron plans to assess whether the discovery can be tied to nearby existing facilities to reduce costs and speed up production.

This discovery builds on a successful exploration program in sub-Saharan Africa, where Chevron is producing around a net 300,000 barrels of oil equivalent per day.