Saturday, August 8, 2009

Natural Gas Find in Angola

Test well located near Cabinda coastline

* Well flows at 11.6 mln cf of gas, 2,550 bpd oil

* Chevron shares dip

(Adds background on Angola, share price)

NEW YORK, Aug 7 (Reuters) - Chevron Corp (CVX.N) said on Friday it made an oil and natural gas discovery near the Cabinda coast of Angola, expanding its portfolio in the West African nation.

Chevron, which pumps more than 500,000 barrels of oil per day from Angola, said the discovery, in Block 0, was drilled in March in 397 feet (120 meters) of water to a total vertical depth of 13,000 feet (3965 meters). It encountered over 225 feet of net hydrocarbon pay in the Upper Pinda formation, Chevron said.

It said the 79-3XST1 discovery well had a flow rate of 11.6 million cubic feet of natural gas and 2,550 barrels of liquid hydrocarbons per day.

Chevron, through its local affiliate Cabinda Gulf Oil Co Ltd (CABGOC), has a 39.2 percent interest and is the operator of the Block 0 contractor group. Angolan state oil company Sonangol has a 41 percent stake, and affiliates of France's Total SA (TOTF.PA) and Italy's ENI SpA (ENI.MI) have 10 percent and 9.8 percent respectively.

Last month, Chevron said CABGOC had begun production at the Mafumerira Norte project ahead of schedule in the same production block. That project will eventually consist of 14 wells and reach a total production of 30,000 barrels per day of crude and 30 million cubic feet of natural gas per day in 2011.

Chevron is also drilling in the Banzala Field in the block, as well as the Nemba and Kokongo fields.

The San Ramon, California-based company is also 31 percent owner and the operator of a deepwater concession which produced a total of 168,000 barrels of crude liquids last year.

It is expecting first oil from its Tombua-Landana development in Angola in the third quarter, and is also drilling at fields in the Benguela Belize-Lobito Tomboco project.

Shares in Chevron dipped 5 cents to $69.20 per share in morning trade on the New York Stock Exchange. (Reporting by Steve James, editing by Gerald E. McCormick)


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