press release

Chevron Press Release - Chevron Reports Four New Oil Discoveries In Angola

SAN FRANCISCO, Dec. 27, 1994 -- Chevron reported today that its Angola unit discovered four new offshore oil fields during 1994, representing up to 300 million recoverable barrels.

The company said production from its Angola concession in 1994 averaged a record 320,000 barrels daily, and will rise to 390,000 b/d in 1995 as development of deeper-water areas continues under a $1.6 billion, five-year program.

Startup of the Kokongo Field, announced in November, marked first production from the concession's deeper-water areas, where combined output from several fields could ultimately yield up to one billion barrels of oil, according to Richard H. Matzke, president of Chevron Overseas Petroleum Inc.

Chevron holds 39.2 percent interest in the concession through its affiliate, Cabinda Gulf Oil Co. Ltd. (CABGOC), the operator for a group which includes Angola's national oil company, Sociedade Nacional de Combustiveis de Angola (SONANGOL), 41 percent; Elf Angola, 10 percent; and AGIP Angola Ltd., 9.8 percent.

Chevron Overseas Petroleum Inc. is a subsidiary of San Francisco-based Chevron Corporation.

Updated: December 1994