Chevron Announces Significant Oil Discovery Offshore Angola
SAN RAMON, Calif., Aug. 9, 2007 -- Chevron Corporation (NYSE: CVX) announced today that its subsidiary Cabinda Gulf Oil Company Limited (CABGOC) and partners made a significant oil discovery in Block 14, offshore Angola.
The discovery well, Malange-1, was drilled in December 2006 in 873 feet (266 meters) of water to a total vertical depth of 15,562 feet (4,743 meters). The well encountered 212 net feet (64.6 net meters) of oil in the Cretaceous-age Pinda reservoir. The well was tested in March 2007 and flowed high-quality crude at a rate of 7,669 barrels of oil per day (BOPD).
Further drilling is planned, in addition to geologic and engineering studies, to appraise the discovery and assess its potential reserves.
"This discovery is a further demonstration of how we are achieving superior success from a focused and high-impact exploration program," said John Watson, president, Chevron International Exploration and Production.
"Chevron is pleased with the discovery, which further underscores the continuing success in this prolific block and helps enhance the company's already strong position in Angola and western Africa," said Alan Kleier, managing director of Chevron's Southern Africa Strategic Business Unit.
Malange-1 is the first Pinda discovery in Block 14 and the 11th exploration discovery made in Block 14 since 1997.
Chevron Corporation is one of the world's leading energy companies. With approximately 56,000 employees, Chevron subsidiaries conduct business in more than 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing and distributing fuels and other energy products. Chevron is based in San Ramon, Calif. More information on Chevron is available at www.chevron.com.
Cabinda Gulf Oil Company Limited, with 31 percent, is the operator of the Block 14 contractor group, which also comprises the following companies:
Sonangol Pesquisa e Produção, SARL. (20 percent)
ENI Angola Exploration BV (20 percent)
Total E&P Angola (20 percent)
GALP-Exploração e Produção (9 percent)
Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.
Some of the items discussed in this press release are forward-looking statements about Chevron's activities in Angola. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates," "budgets" and similar expressions are intended to identify such forward-looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are changes in demand for and supply of crude oil and natural gas; results of additional testing; selection and successful execution of development plans; actions of competitors; the potential disruption or interruption of project activities due to war, accidents, political events, civil unrest, severe weather or crude-oil production quotas that might be imposed by OPEC (Organization of Petroleum Exporting Countries); government-mandated sales, divestitures, recapitalizations, changes in fiscal terms or restrictions on scope of company operations; and general economic and political conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Updated: August 2007