Chevron has been in this western African nation since the 1930s when Texaco-branded products were first marketed in Angola.
In 1958, Cabinda Gulf Oil Co., Chevron's wholly owned operating unit in Angola, drilled its first onshore well. In 1966, its first offshore discovery led to delineation of the Malongo Field. The Takula Field was discovered in 1971. In 1975, oil was found in Block 2's Essungo Field.
In 1986, additional exploration by Chevron coincided with the delineation of Angola's Block 0. Water injection began at the Takula Field in 1990.
In 1997, Chevron announced the discovery of the Kuito Field, the first of a series of major oil finds in the prolific Block 14 concession. Two years later, Kuito became Angola's first producing deepwater field. In 2000, Texaco began engineering work on Angola's first liquefied natural gas project.
Economy
Beyond our role as a major energy producer and employer, Chevron is committed to growing Angola's economy on many different levels.
Through Chevron's Angola Partnership Initiative, we supported programs that aided private and governmental institutions. A municipal development program in the Cabinda and Bié provinces provided assistance to 172 community organizations representing approximately 10,000 people.
In 2004, we helped establish NovoBanco, a microfinance bank. Since then, more than $10.3 million in loans have been made to more than 31,000 entrepreneurs. The reimbursement rate on these loans averages 95 percent. A new business plan calls for 11 new branches throughout the country.
We support the Junior Achievement program in Angola. Chevron employees have volunteered more than 200 hours of their time to mentor 119 students.
Updated: May 2009