Chevron Discovers Oil and Gas Condensate in Angola

Chevron Corporation discovered oil and gas condensate at the 105-4X exploration well in Block 0, located in the Lower Congo Basin offshore Angola. The well encountered a hydrocarbon column exceeding 600 meters (2,000 feet), including more than 90 meters (300 feet) of net pay in the Pinda reservoir, which the company described as having excellent quality.

Chevron operates Block 0 through its subsidiary Cabinda Gulf Oil Company with a 39.2% working interest. The company shares ownership with Sonangol E&P (41%), TotalEnergies (10%), and Azule Energy (9.8%). Partners are currently evaluating whether the discovery can be developed as a tie-back to existing nearby infrastructure to reduce capital expenditures and accelerate production.

This find supports a broader strategy to increase production in sub-Saharan Africa, where Chevron currently produces approximately 300,000 barrels of oil equivalent per day. The regional push includes recent acreage acquisitions and exploration in Nigeria, Guinea-Bissau, and Equatorial Guinea, with planned drilling in Namibia before the end of 2026. The project is further supported by Angolan government reforms and tax cuts introduced in late 2024 to attract investment into mature blocks.