ChevronTexaco Makes 9th Angolan Deepwater Discovery

ChevronTexaco's Angolan affiliate, Cabinda Gulf Oil Company, announced a ninth significant discovery in Angola's prolific deepwater Block 14.

The latest find -- Negage -- is situated 29 miles (54 kilometers) to the southwest of the existing Gabela discovery and was drilled in 4,738 feet (1,444 meters) of water. The well encountered over 320 feet (100 meters) of hydrocarbon column -- producing more than 8,630 barrels of 33 degrees API oil per day during a drill stem test. This latest discovery will be followed by geologic and engineering studies to assess its reserve potential.

"The exploration and production assets in ChevronTexaco's Africa portfolio are of great importance to the company's strategy to grow value," said George Kirkland, president of ChevronTexaco Overseas Petroleum Inc. "Block 14 continues to be a tremendous asset for ChevronTexaco and its partners and this latest discovery is a further success for our deepwater Angola program," Kirkland added.

Negage is the latest in a string of Block 14 discoveries dating back to the 1997 Kuito discovery, which was followed by Landana, Benguela and Belize, Tomboco and Lobito, Tombua, and earlier in 2002, Gabela.

ChevronTexaco's Angola-based affiliate, Cabinda Gulf Oil Co. is operator of Block 14, with a 31 percent interest. Other partners are SONANGOL P&P (20 percent); Agip Angola, Exploration B.V. (20 percent); Total Angola (20 percent) and Petrogal Exploration (9 percent).