Chevron Makes Oil-And-Gas Gas Discovery Off Coast Of Angola
August 07 2009 - 10:13AM
Dow Jones News
DOW JONES NEWSWIRES
Chevron Corp. (CVX) announced the discovery of an oil-and-gas
find off the coast of Angola that the company deemed
"significant."
From a single discovery well in 400 feet of water, it had output
at a rate of 11.6 million cubic feet of natural gas and 2,550
barrels of liquid hydrocarbons a day.
Chevron has a 39% stake in the area in question, located near
the West African country's coastline, while national oil company
Sonangol EP has a 41% interest. Total SA (TOT) and Eni SpA (E) each
hold 10%.
Angola's oil sector has expanded rapidly and formed the basis of
its recovery from a civil war that ended in 2002. Last year, Angola
was able to take advantage of high oil prices by ramping up
production, becoming Africa's largest producer at one point in
2008. The country's reserves are mostly untapped.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
tess.stynes@dowjones.com