Chevron Scores Big Offshore Angola Oil Discovery

Chevron has made an oil and gas condensate discovery in Angola's Lower Congo Basin, as part of its push to increase production in sub-Saharan Africa. The well, located in Block 0, encountered a column exceeding 600 meters in the Pinda reservoir, with over 90 meters of net pay in high-quality rock.

The discovery is significant given the region's growing importance for Chevron and other oil companies. Western and southern Africa are attracting attention as growth in US shale production levels off.

Angola has introduced reforms aimed at making mature blocks more investible, including tax cuts and a presidential decree issued last year. The exploration well in Block 0 is operated by Cabinda Gulf Oil, a Chevron subsidiary with a 39.2% working interest.