Chevron Makes Significant Oil Discovery in Angola's Deepwater Block 14

Chevron says its subsidiary, Cabinda Gulf Oil Company Limited (CABGOC), and partners achieved a significant oil discovery in deepwater Block 14, offshore Angola.

The discovery well, Lucapa-1, was drilled in October 2006 in 3,940 feet (1,201 meters) of water to a total vertical depth of 10,958 feet (3,340 meters) and encountered more than 280 net feet (85 net meters) of oil in Miocene-age sands. The well was tested in November at commercial rates from high- permeability sand in the main target area. The discovery will be followed by further drilling in addition to geologic and engineering studies to appraise the field and assess its potential reserves.

The Lucapa discovery is the 10th exploration discovery made in Block 14 since 1997.

"This important discovery underscores the value of focusing Chevron's exploration program on high-impact opportunities," said John Watson, president of Chevron International Exploration and Production. "Our continued exploratory success in Angola, combined with our commitment to developing these resources, offers great prospect for increasing Angola's oil-producing capacity."

Jim Blackwell, managing director of the Southern Africa Strategic Business Unit, said, "The Lucapa discovery further confirms our confidence in the world-class hydrocarbon resources in Angola. We look forward to continuing the work needed to commercialize this newly discovered resource base, which is important to Chevron's growth strategy."

Chevron is among the largest producers of energy in Angola, and is operator in Blocks 0 and 14, which generate more than 500,000 barrels of oil-equivalent daily gross production. Among the major projects under development is the Benguela Belize-Lobito Tomboco (BBLT) project in Block 14, which started-up in January 2006. This $2.3 billion project, when fully developed, will produce an estimated total daily maximum of 200,000 barrels of crude oil in 2008. In June 2006, Chevron achieved first oil from the Landana North reservoir in the Tombua-Landana development area of Block 14 by producing through the BBLT facility. When fully developed, Tombua-Landana is expected to achieve peak production of approximately 100,000 barrels of crude oil per day by 2010 through its own facility.

Cabinda Gulf Oil Co. Limited, with 31 percent, is the operator of the Block 14 contractor group, other participants are Sonangol Pesquisa e Producao, SARL with 205; Eni Angola Exploration BV with 20%; Total E&P Anogla with 20% and GALP-Exploracao e Producao with the remaining 9%.

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