Oil discovery for Chevron

Chevron Corporation has reported that its subsidiary Cabinda Gulf Oil Company Limited (CABGOC) and partners made a major oil discovery in Block 14, offshore Angola.

A spokesperson for Chevron commented that they are pleased with the discovery and that this is a further demonstration of how they are accomplishing success from a high-impact exploration programme.

The discovery well, Malange-1, was drilled in December 2006 in 266 meters of water to a total vertical depth of 4,743 meters. The well was examined in March 2007 and flowed high-quality crude at a rate of 7,669 barrels of oil per day.

Additional drilling is planned, in addition to geologic and engineering studies, to asses the discovery and evaluate its potential reserves.

Chevron Corporation is one of the world’s leading energy companies. The company has roughly 56,000 employees and subsidiaries conduct business in more than 180 countries globally. Chevron is based in San Ramon, California.