Chevron discovers oil and gas condensate off Angola

Chevron'said Monday that it had discovered oil -and-gas condensate in an exploration well offshore Angola. This discovery?adds?to the push -to-increase production -in sub-Saharan Africa by infrastructure-led exploration.

Western and southern Africa have been receiving renewed attention, as the growth of shale oil in the U.S. has peaked. Angola is sub-Saharan Africa’s second largest oil producer. In late 2024, the country introduced a decree that included reforms and tax reductions aimed at making mature block more investible, and?spurring exploratory activity.

In Angola's Lower Congo Basin, a well encountered a column of oil and gas condensate exceeding 600 meters. This included more than 90 metres of net?pay within what Chevron called high-quality rocks.

Block 0 has a working interest of 39.2% held by the Chevron subsidiary Cabinda Gulf Oil. Sonangol E&P holds a 41% interest in the project, TotalEnergies has 10%, and Azule Energy has 9.8%.

Chevron is in Angola, since the 1930s. It holds an interest in two concessions: Block 0, which lies off?the coast?of Cabinda Province, and Block 14 in deep waters.

The energy giant said that the discovery is the result of a successful exploration programme in sub-Saharan Africa where it?produces around a 'net 300,000 barrels equivalent to oil per day.

The company will assess if the 'discovery' can be linked to existing facilities in order to?reduce production costs and increase speed.

Chevron expanded its regional acreage in the last year by adding offshore Nigerian blocks, and securing interests both in Guinea-Bissau as well as Equatorial Guinea.

The company is also exploring blocks in Angola and plans to launch a multi-well drilling program throughout the region including Namibia's Nabba-1X before the end of this year. (Reporting from Bengaluru by Pranav Mathur; editing by Joyjeet Das).

(source: Reuters)