Chevron’s Angola Discovery Could Open a New Growth Chapter
Chevron Corporation CVX is deepening its long-standing presence in Angola, combining established offshore production with new exploration and gas opportunities. The company has operated in the country for more than 70 years, with its portfolio centered on Block 0, deepwater assets and natural gas infrastructure.
A key recent development is the 105-4X exploration well in Block 0. The well drilled in Angola’s Lower Congo Basin discovered an oil and gas condensate column exceeding 2,000 feet, including more than 300 feet of net pay in an excellent-quality reservoir. Chevron plans to assess the discovery for a potential tie-back to nearby existing facilities, offering a potentially capital-efficient route to production.
The discovery follows another recent milestone in the region: the South N’dola Platform, also located in Block 0, delivered first oil in December 2025.
Chevron operates Block 0 with a 39.2% working interest, while its Angolan portfolio also includes a 31% interest in deepwater Block 14. In 2025, the company signed a Heads of Agreement for an operated interest in Block 33 and completed seismic surveys on Blocks 33, 49 and 50 to evaluate their geological potential.
Beyond oil, Chevron holds a 36.4% stake in Angola LNG, which has capacity to process 1.1 billion cubic feet of gas per day. Its 31% interest in the New Gas Consortium Project is also expected to add gas production, with first production from the Quiluma and Maboqueiro fields targeted for 2026.
Overall, Angola remains an important part of Chevron’s strategy to extend its resource base through infrastructure-led, high-impact exploration.
Other Energy Peers in Angola
BP p.l.c. BP and Eni S.p.A. E maintain a significant presence in Angola through Azule Energy, their equally owned 50:50 joint venture. Eni has been present in Angola since 1980, while BP’s interests are represented through Azule, which holds interests across 17 blocks and an exploration license in Namibia, as well as interests in the Angola LNG joint venture.
In 2025, Azule’s operated Agogo Integrated West Hub in Block 15/06 commenced production, developing the Agogo and Ndungu fields. The project is expected to reach a production plateau of 180 kboe/d; full-field production at Ndungu began in February 2026. BP highlights the project’s start-up alongside a gas discovery at the Gajajeira-01 well in Block 1/14, where initial estimates indicate more than 1 tcf of gas in place and up to 100 million barrels of associated condensate.
Eni reported 106 kboe/d of net Angolan production in 2025. Its Angola portfolio also advanced the New Gas Consortium project, targeting the Quiluma and Maboqueiro fields, with the first gas reached in February 2026. Overall, BP and Eni’s Angola presence combines oil production, gas development, LNG interests and continued exploration.
The Zacks Rundown for Chevron
Shares of Chevron have gained 6.9% in the past month, outperforming the Oil/Energy sector’s rise of 4.7%.
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From a valuation perspective — in terms of forward price-to-earnings ratio — Chevron is trading at a premium compared with the industry average. The stock is also trading above its five-year mean of 11.81.
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The Zacks Consensus Estimate for CVX’s 2026 earnings is pegged at $15.86 per share, indicating 117.56% year-over-year growth.
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The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).
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