SAN RAMON, Calif., Aug. 9 /PRNewswire-FirstCall/ -- 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).
The discovery will be followed by further drilling in addition to
geologic and engineering studies to appraise the field 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 success of this well, 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 http://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 Producao, SARL. (20 percent)
ENI Angola Exploration BV (20 percent)
Total E&P Angola (20 percent)
GALP-Exploracao e Producao (9 percent)
Cautionary Statement Relevant to Forward-Looking Information for the
Purpose of "SafeHarbor" 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.
SOURCE Chevron Corporation
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Related links:
http://www.chevron.com
CONTACT:
Donald Campbell, San Ramon, +1-925-842-2589,
or Michael Barrett, London, +44 207 719 4463, both of Chevron
Corporation
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