Angola Discovers Significant Oil Reserve in Lower Congo Basin

Luanda: A new oil and gas condensate reserve has been discovered in exploration well 105-4X, located in Block 0, in the Lower Congo Basin off the coast of Cabinda. In a statement, the National Agency for Petroleum, Gas and Biofuels (ANPG) and the Block 0 Contractor Group emphasize that preliminary results confirm the existence of an oil and gas condensate column more than 600 meters (2,000 feet) high in the main reservoir. According to Angola Press News Agency, the discovery has more than 90 meters (300 feet) of productive net thickness and excellent petrophysical reservoir properties, highlighting the potential for commercial viability. It adds that the discovery will be subject to technical and economic evaluation for future development, projecting a connection to existing facilities in the Block, which will allow for a more efficient production route, with less need for additional capital investment and faster monetization. Quoted in the press release, the Chairman of the Board of Directors of ANPG, Paul ino Jerónimo, encouraged the continued identification of new opportunities, in line with the strategic exploration program defined for this block. For him, this result creates favorable conditions for rapid monetization, with positive impacts on national production, on Chevron's revenues - as operator - and on the Block's partners and the Angolan State. In turn, Chevron's Vice President of Exploration, Kevin McLachlan, described the discovery as an important milestone in the oil company's more than 70-year history in Angola. Block 0 is operated by Chevron Corporation, through its subsidiary Cabinda Gulf Oil Company Limited (CABGOC), which holds a 39.2% stake. The remaining stakes are held by Sonangol EandP (41%), Total Energies (10%), and Azule Energy (9.8%).