press release

Chevron Press Release - Chevron Awarded Contract To Explore Million-Acre Tract In Angola's Deep-Water Block

SAN FRANCISCO, Feb. 23, 1995 -- Chevron announced that its wholly-owned subsidiary, Cabinda Gulf Oil Company Limited (CABGOC), has been awarded a contract by the Angolan government to explore for oil in Block 14, a deep-water area located about 44 miles (70 kilometers) off the coast of Cabinda province.

"We are highly pleased that the Angolan government has shown its confidence in Chevron by choosing us to operate this new exploration block," said Mark Puckett, Managing Director, CABGOC. "Prior to this award, Chevron has operated offshore solely in the Cabinda Concession for itself and its partners, and we're eagerly anticipating the opportunity to seek oil in a frontier area," Puckett added, noting that the new Block 14 lies further offshore and in deeper waters than any of the existing exploration areas. Water depths in the area can vary from 650 to 5,000 feet (200 to 1,500 meters). A seismic program is scheduled to being in April with drilling following in early 1996.

As operator of the 1,011,644-acre concession, Chevron holds the responsibility to explore, develop and produce the petroleum resources of Block 14 for a newly formed association. The Block 14 consortium is comprised of:

Cabinda Gulf Oil Company, Ltd. (Operator) 31 percent

Sociedade Nacional de Combustiveis de Angola 20 percent

Total Angola 20 percent

Agip (Angola) Ltd. 20 percent

Petrogal, S.A. 9 percent

Puckett noted that this new block adds to Chevron's already significant role in the Angolan oil industry. Chevron has had a presence in Angola for over 40 years and is the country's top oil producer, averaging about 350,000 barrels per day. "We are proud of our partnership with our associates, and are particularly proud of being chosen for this frontier opportunity," Puckett said. "We will continue our long-standing commitment to Angola and its people, and are determined to enhance the country's development through our operating presence in Block 14," he said.

Updated: February 1995