US oil giant discovers new oil and gas offshore Angola as Africa’s second largest oil producer seeks to revive output

The discovery was made at the 105-4X exploration well in Block 0, located in Angola’s Lower Congo Basin, where Chevron encountered an oil and gas condensate column exceeding 600 metres in the Pinda reservoir.

The discovery was made at the 105-4X exploration well in Block 0, located in Angola’s Lower Congo Basin, where Chevron encountered an oil and gas condensate column exceeding 600 metres in the Pinda reservoir.

The well recorded more than 90 metres of net pay in what Chevron described as high-quality reservoir rock.

Chevron said it will evaluate whether the discovery can be connected to nearby production facilities, allowing the resource to potentially be developed through a tie-back project.

The approach would allow the company to use existing infrastructure rather than develop a standalone facility.

Chevron exploration vice-president Kevin McLachlan said: “This discovery is another important milestone for Chevron’s over 70-year history in Angola.

“By combining high-impact exploration with infrastructure-led opportunities close to existing facilities, we are growing our resource base, creating value and demonstrating that our strategy is delivering, as well as our continued confidence in Angola’s resource potential.”

The company has not disclosed the estimated value or recoverable volumes of the discovery. The find comes as Angola rolls out reforms aimed at attracting new capital into its oil sector and reversing years of declining production.

Angola is sub-Saharan Africa’s second-largest oil producer after Nigeria, producing about 1.1 million barrels per day after output fell below 1 million barrels per day in recent years.

The country once produced close to 2 million barrels per day before ageing fields and reduced investment affected production levels.

In late 2024, President João Lourenço’s administration introduced a presidential decree containing tax reforms and incentives aimed at making mature oil blocks more attractive to investors and encouraging exploration.

The reforms are part of Angola’s strategy to increase investment in mature fields and frontier acreage as international energy companies seek new opportunities across Africa.

Investment activity has increased, with major energy companies committing capital to offshore developments.

Azule Energy, the joint venture between BP and Eni, approved a $5.1 billion investment in the Greater PAJ offshore project, which is expected to develop additional reserves and support Angola’s production.

Block 0 is operated by Chevron subsidiary Cabinda Gulf Oil Company (CABGOC), which holds a 39.2% working interest.

Angola’s state-owned Sonangol E&P holds a 41% stake, while TotalEnergies owns 10% and Azule Energy holds 9.8%.

Chevron has operated in Angola for more than 70 years and currently holds interests in Block 0, offshore Cabinda province, and Block 14 in deep water.

The discovery forms part of the company’s wider exploration programme in sub-Saharan Africa, where it produces about 300,000 barrels of oil equivalent per day on a net basis.

Over the past year, Chevron has expanded its regional footprint by acquiring additional offshore acreage in Nigeria and securing interests in Guinea-Bissau and Equatorial Guinea.

In Nigeria, the company has continued exploration activities after gaining interests in offshore blocks, while in Equatorial Guinea it holds new reconnaissance licences.

Chevron is also advancing exploration in Angola through Blocks 49 and 50, Block 33 and Block 14/23.

The company is preparing a multi-well drilling campaign across the region, including the Nabba-1X well in Namibia’s PEL90, expected before the end of the year.