Chevron said on Monday it had discovered oil and gas condensate at an exploration well in Block 0, offshore Angola, adding to its push to increase production in sub-Saharan Africa through infrastructure-led exploration.
Western and southern Africa are among regions drawing fresh attention as growth in U.S. shale tops out. Angola, sub-Saharan Africa's second-largest oil producer, introduced a presidential decree in late 2024 that included reforms and tax cuts aimed at making mature blocks more investible and spurring exploration.
The well in Angola's Lower Congo Basin encountered an oil and gas condensate column exceeding 600 meters in the Pinda reservoir, including more than 90 meters of net pay in what Chevron described as high-quality rock.
Block 0 is operated by Chevron subsidiary Cabinda Gulf Oil, which holds a 39.2% working interest. Sonangol E&P has a 41% working interest, TotalEnergies 10% and Azule Energy 9.8%.
Chevron has been in Angola since the 1930s and holds an operating interest in two concessions, Block 0, off the coast of Cabinda province, and Block 14, in deep water.
The energy major said the discovery builds on a successful exploration program in sub-Saharan Africa, where it is producing around a net 300,000 barrels of oil equivalent per day.
The company plans to assess whether the discovery can be tied to nearby existing facilities to reduce costs and speed up production.
Chevron has expanded its regional acreage over the past year, adding offshore Nigerian blocks and securing interests in Guinea-Bissau and Equatorial Guinea.
It is also exploring several Angolan blocks and plans a multi-well program across the region, including Namibia's Nabba-1X, well before year-end.
(Reuters)