Chevron Announces Significant Oil Discovery Offshore Angola

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Oct. 4, 2000

Chevron today announced another significant oil discovery in deep-water Block 14, offshore Angola. This is the sixth major discovery by Chevron, as operator, and its partners in the prolific oil-bearing block since 1996.

The discovery well, designated Lobito-1X, was drilled in August in 1,340 feet of water and tested in early September. In a single drill stem test, the well flowed at a rate of 10,200 barrels per day of high-quality, 35-degree API gravity oil. The discovery will be followed by geologic and engineering studies to appraise the field and assess its potential reserves.

"Block 14 is proving to be an outstanding asset for Chevron, and I congratulate our partners and the exploration team on yet another significant discovery," said Peter Robertson, president of Chevron Overseas Petroleum Inc. "We intend to continue our aggressive approach of quickly moving the Block 14 discoveries into production. This commitment is reflected in Chevron's and its partners' investment plans for Angola, which will total approximately $6 billion over the next five years."

"We're delighted with this latest exploration success, which further confirms the excellent reserves potential of Block 14," said Mark Puckett, managing director of Chevron's Southern Africa Strategic Business Unit, headquartered in Angola's capital of Luanda. "The Lobito discovery will dovetail well with our overall plan to develop the multiple commercial finds in the block."

This latest discovery is located near four previously discovered fields: Kuito (1997), Benguela (1998), Belize (1998), and Tomboco (2000).

The Kuito field, Angola's first deep-water development, began production in December 1999 and is currently producing more than 70,000 barrels of oil per day, with further development drilling under way.

Development plans are at an advanced stage for Benguela/Belize, with tendering of a contract expected shortly for front-end engineering and design.

The Tomboco field was discovered earlier this year and had a combined test rate of more than 17,000 barrels per day of high-quality crude oil from two separate zones. While development plans are still in the early stages, the Lobito and Tomboco fields provide potential synergies with the Benguela/Belize development.

Block 14 covers 1,560 square miles and is located west of and adjacent to the 2,100-square-mile Block 0 Concession, offshore Angola's Cabinda Province. With Chevron as operator, production from both blocks reached a record level of 550,000 barrels of oil per day earlier this year. Operatorship of Block 14 was awarded to Chevron in 1995 and drilling began in 1996.

Chevron holds a 31 percent interest in Block 14; SONANGOL, Agip Angola, and TotalFinaElf-Angola each hold a 20 percent interest. The remaining 9 percent interest is held by Petrogal.

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