press release

Chevron Press Release - Chevron Makes Significant Discovery In Remote Deep-water Area Offshore Angola

SAN FRANCISCO, April 29, 1997 - Chevron today announced a significant discovery of crude oil in waters more than 1,300 feet deep off Angola, its first find in that country's emerging deep-water area.

The new discovery, designated well 14-2X, is the second of five wells planned in Block 14, offshore Cabinda Province. Block 14 is adjacent to the Chevron-operated Cabinda Concession, an established network of offshore oil fields and facilities in shallower waters closer to the Angolan coast.

"We're delighted with the findings of this discovery," said Dick Matzke, a director of Chevron Corp. and president of Chevron Overseas Petroleum Inc. "Early tests encountered a significant oil-bearing interval which suggests this could be a giant field."

Matzke noted that further appraisal of the discovery is required to confirm the oil reserves and to determine plans for development. Initial results indicate a combined flow rate of about 7,500 barrels of oil per day. The 14-2X well was preceded by the 14-1X well, which also encountered hydrocarbons.

"We are very pleased with the results from well 14-2X," said Mark Puckett, managing director of Cabinda Gulf Oil Co. (CABGOC), which is operator for the Block 14 Consortium. "We believe the deep-water area can play a major role in our efforts to boost oil production in Angola and will enable us to further expand our extensive knowledge of the Lower Congo (geologic) Basin."

Chevron is the operator and holds 31 percent interest in Block 14; Sociedade Nacional de Combusteiveis de Angola (SONANGOL), the Angolan national oil company, Agip Angola, and Total Angola each hold a 20 percent interest. The remaining 9 percent interest is held by Petrogal Angola.

Updated: April 1997