Chevron Strikes Oil Offshore Angola with Solid Discovery

Chevron has made an oil and gas condensate discovery offshore Angola in the Lower Congo Basin. The company encountered a 2,000-foot oil and gas column with over 300 feet of net pay at the 105-4X exploration well in Block 0.

The find is considered solid, given its size and proximity to existing infrastructure. Chevron plans to assess the discovery's potential for development as a tieback to its nearby facilities, providing a capital-efficient path to production.

This discovery adds another resource to fuel Chevron's growth engine, which has been driven by several offshore finds in recent years. In April, the company confirmed an oil discovery at the Bandit prospect in the Gulf of Mexico and has also had success in Nigeria since 2024.