Chevron Announces First Oil Production from Benguela-Belize Development, Deepwater Block 14, Offshore Angola

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Jan. 24, 2006

Chevron Corporation announced today that its subsidiary Cabinda Gulf Oil Co. Ltd. (CABGOC) commenced oil production from the Belize Field, in deepwater Block 14 offshore Angola.

The Benguela, Belize, Lobito and Tomboco fields form the BBLT Development, one of Chevron's "Big 5" projects. BBLT is the first of the Big 5 projects to reach this significant production milestone. In December 2005, the Benguela Belize drilling and production platform in Angola was awarded Project of the Year by the Offshore Energy Association.

"Chevron is proud to take a leading role in developing Angola's natural resources, particularly in the deepwater," said John Watson, president, Chevron International Exploration and Production Co. "The project team successfully managed the engineering challenges within budget, ahead of schedule and, most important, in a safe manner. Benguela Belize clearly demonstrates the company's ability to select and execute major capital projects."

The BBLT Development, located approximately 50 miles (80 kilometers) offshore in approximately 1,300 feet (396 meters) of water, is being developed in two phases. Phase 1 – Benguela Belize –– combines an integrated drilling and production platform hub facility supported by a compliant piled tower. The compliant piled tower is the first application of this structural technology outside the U.S. Gulf of Mexico. Phase 2 –– Lobito Tomboco –– will produce via subsea wells tied into the central production hub.

"Production will continue to ramp up as additional planned wells and fields are brought into production over the next two years. The project's daily peak production is expected to reach about 200,000 barrels of oil per day," said Jim Blackwell, Chevron's managing director of the Southern Africa strategic business unit.

The BBLT facilities were constructed in Angola, Korea, Europe and the United States, and have been successfully installed and commissioned.

Cabinda Gulf Oil Co. Ltd. is the operator of the Block 14 contractor group, which is comprised of the following companies:

  • Cabinda Gulf Oil Co. Ltd. (31%)
  • Sonangol Pesquisa & Produção, SARL (20%)
  • ENI Angola Exploration BV (20%)
  • TotalFinaElf Exploration & Production, Angola (20%)
  • Galp-Exploração e Produção Petrolífera, Ltd. (9%)

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