Angola’s National Agency for Petroleum, Gas and Biofuels (ANPG) and its Block 0 partners announced on Monday (17) a discovery of oil and gas condensate at exploration well 105-4X, located in the offshore area of the Lower Congo Basin.
Preliminary results indicate the presence of an oil and gas condensate column of more than 600 metres in the principal reservoir of the Pinda Formation, according to a statement cited by Jornal de Negócios. “The discovery also presents more than 90 metres of net productive thickness and good petrophysical reservoir characteristics — factors that point to commercial development potential,” the statement reads.
The communiqué further notes that the development plan envisages a tie-back to existing facilities within the block, enabling “a more efficient production route, with reduced need for additional capital investment and faster monetisation of the discovered resources.”
Block 0 is operated by Chevron through its subsidiary Cabinda Gulf Oil Company Limited (CABGOC), which holds a 39.2% interest. Sonangol E&P holds 41%, while TotalEnergies holds 10% and Azule Energy 9.8%. According to ANPG, the discovery will be subject to a phase of technical and economic evaluation to determine the conditions for any future development.
For ANPG board chairman Paulino Jerónimo, the discovery reinforces the petroleum potential of the Lower Congo Basin and demonstrates the results of the exploration strategy defined for Block 0. The Angolan petroleum authority also considers that the 105-4X well reaffirms the basin’s high potential and the consistency of the ongoing exploration strategy.
“This result creates favourable conditions for swift monetisation, with positive impacts on national production, on revenues for Chevron and the Block’s partners, as well as for the Angolan state,” Paulino Jerónimo said.
Chevron’s Vice President of Exploration, Kevin McLachlan, also quoted in the statement, described the discovery as an important milestone in the American oil major’s more than 70-year history in Angola.
“By combining high-impact exploration with infrastructure-backed development opportunities located in close proximity, we are expanding our resource base, creating value, and demonstrating that our strategy is delivering results. This discovery also reinforces our confidence in Angola’s resource potential,” McLachlan said.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/?p=531381
