Chevron discovers oil and gas condensate offshore Angola

Chevron has announced a significant oil and gas condensate discovery offshore Angola in the Lower Congo Basin. The discovery was made at the 105-4X exploration well within Block 0, encountering a hydrocarbon column exceeding 2,000 feet, including more than 300 feet of net pay in the Pinda reservoir. The company described the reservoir quality as “excellent.”

Chevron holds a 39.2% operating interest in Block 0 through its subsidiary, Cabinda Gulf Oil Company. The block is co-owned by Sonangol (41%), TotalEnergies (10%), and Azule Energy (9.8%). The company is currently assessing whether the find can be developed as a tieback to existing nearby infrastructure, which could reduce capital costs and accelerate production.

This discovery follows Chevron’s recent acquisition of Hess, which added approximately 250,000 barrels per day to its production, largely driven by assets in Guyana. Additionally, the company is managing interests in Namibia’s Orange Basin, where Equinor recently acquired a 17.4% stake in a Chevron-operated license. These developments occur amid broader discussions regarding windfall taxes on the oil industry's high profits.