Chevron Stocks Soar on Angola Discovery and Venezuela Talks

Chevron Corporation stock has been trading up by 2.15 percent amid upbeat sentiment on stronger oil demand and refining margins.

The company's recent discovery in Angola, a significant oil and gas condensate find in Block 0 with a roughly 600-meter hydrocarbon column, has boosted investor confidence.

Chevron wants to tie back the new find to its existing infrastructure, which will add barrels without committing to a new multi-year megaproject. This plan is seen as cost-efficient and better for cash returns.

In addition to the Angola discovery, Chevron is also in advanced talks to invest several billion dollars in Venezuela's heavy-oil fields, adding two new fields to its existing three joint ventures with PdVSA.