Chevron announces seventh significant oil find in Angola's deepwater
06-Jul-2001
Chevron today announced the
discovery of the Tombua field, its seventh significant oil find in
Angola's prolific deepwater Block 14.
The discovery, drilled last month in 925 feet (282 meters) of water
to a depth of 10,535 feet (3,200 meters), tested at a maximum
combined flow rate of 10,022 barrels per day of high-quality,
39-degree API gravity crude from two separate zones. The
discovery will be followed by geologic and engineering studies to
appraise the field and assess its potential reserves.
"Angola's deep water continues to be an attractive asset for Chevron
and its partners", said Peter Robertson, president of Chevron
Overseas Petroleum Inc. "We have set aggressive production growth
targets for West Africa and we are very encouraged by this latest
discovery."
The Tombua discovery, which lies approximately 19 miles (31
kilometers) south of the Kuito field, is the latest in a string of
exploration successes in Block 14. Tombua follows six earlier
discoveries in the highly prospective exploration block including:
Kuito (1997), Landana, Benguela and Belize (1998), and most
recently Tomboco and Lobito, discovered in 2000. The Kuito field,
was Angola's first deepwater discovery and the first and only
deepwater field to be brought on to production.
"We are very pleased with the Tombua discovery, and are delighted
with our continuing trend of exploration successes in Block 14,
which further confirm its tremendous reserves potential," said John
Gass, managing director of Chevron's Southern Africa strategic
business unit which is headquartered in Angola's capital of Luanda.
"We credit much of this success to the talent of our exploration team
and to the decisiveness of our partners.
"We intend to continue our approach of quickly moving the Block 14
discoveries into production, a commitment reflected in Chevron's
and its partners' investment plans for Angola, which will total more
than $6 billion over the next five years," Gass said.
Chevron's Angola-based unit, Cabinda Gulf Oil Co. (CABGOC), is
operator of Block 14 and holds a 31-percent interest; Sociedade
Nacional de Combustíveis de Angola (SONANGOL), Agip Angola,
and TotalFinaElf-Angola each hold a 20-percent interest. Petrogal
holds the remaining 9-percent interest.
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