\nChevron Corporation (NYSE: CVX) by its subsidiary Cabinda Gulf Oil Company Limited (CABGOC), today confirmed an oil and gas condensate discovery at the 105-4X exploration well in Block 0, offshore Angola. The well, drilled in the prolific Lower Congo Basin, encountered an oil and gas condensate column of more than 600 meters (2,000 feet) in the primary Pinda reservoir, with more than 90 meters (300 feet) of net pay in excellent reservoir quality.<\/p>\n
\nThe discovery will be assessed for potential development as a tie-back to Chevron\u2019s existing facilities nearby, enabling a capital-efficient path to production.<\/p>\n
\n\u201cThis discovery is another important milestone for Chevron\u2019s over 70-year history in Angola,\u201d said Kevin McLachlan, Vice President, Exploration, Chevron. \u201cBy 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\u2019s resource potential.\u201d<\/p>\n
\nBlock 0 is operated by CABGOC, which holds a 39.2 percent working interest, and is co-owned by Sonangol E&P (41 percent working interest), TotalEnergies (10 percent working interest) and Azule Energy (9.8 percent working interest).<\/p>\n
\nBeyond Angola, the discovery builds on a successful exploration program in Sub-Saharan Africa where Chevron is currently producing around 300 thousand barrels of oil equivalent per day net. Chevron\u2019s existing resource base and active exploration program across the region is positioned to sustain and grow production into the future.<\/p>\n
\nChevron has continued to add high-quality exploration acreage to its existing portfolio in the past 12 months in the region. In Nigeria, the company farmed into two offshore blocks last year (PPL2000 and PPL2001) and was awarded a deepwater block PPL2010 in the country’s latest bid round. Chevron has also had three near-field exploration successes \u2013 Meji NW-1, South Delta AA and Awodi-07\u2013 in Nigeria since late 2024, where it is continuing an ongoing exploration and appraisal program. In Guinea-Bissau Chevron has secured three blocks including the newly acquired Block 4B which closed on August 13th<\/sup>, 2026, while in Equatorial Guinea it has secured an additional five-block reconnaissance licenses. Chevron is also excited about our ongoing exploration activities in Angola in Blocks 49 & 50, Block 33 and Block 14\/23.<\/p>\n \nAligned with its exploration strategy, Chevron is preparing a high-impact, multi-well exploration program across the region, including Namibia\u2019s Nabba-1X well on PEL90 before year-end.<\/p>\n \nThese initiatives underscore Chevron’s confidence in the region’s resource potential and its disciplined approach to building long-term value through high-impact, frontier exploration.<\/p>\n About Chevron<\/b><\/p>\n \nChevron is one of the world\u2019s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations and grow new energies businesses. More information about Chevron is available at www.chevron.com<\/a>.<\/p>\n \nNOTICE<\/p>\n As used in this news release, the term \u201cChevron\u201d and such terms as \u201cthe company,\u201d \u201cthe corporation,\u201d \u201cour,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cits\u201d may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.<\/i><\/p>\n Please visit Chevron\u2019s website and Investor Relations page at <\/i>www.chevron.com<\/i><\/a> and <\/i>www.chevron.com\/investors<\/i><\/a>, LinkedIn: <\/i>www.linkedin.com\/company\/chevron<\/i><\/a>, X: @Chevron, Facebook: <\/i>www.facebook.com\/chevron<\/i><\/a>, and Instagram: <\/i>www.instagram.com\/chevron<\/i><\/a>, where Chevron often discloses important information about the company, its business, and its results of operations. Chevron also publishes a \u201cSensitivities and Forward Guidance\u201d document with consolidated guidance and sensitivities that is updated quarterly and posted to the Chevron website the month prior to earnings calls.<\/i><\/p>\n CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF \u201cSAFE HARBOR\u201d PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995<\/b><\/p>\n This news release contains forward-looking statements relating to Chevron\u2019s operations, assets and strategy that are based on management\u2019s current expectations, estimates, and projections about the petroleum, chemicals, and other energy-related industries. Words or phrases such as \u201canticipates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201ctargets,\u201d \u201cadvances,\u201d \u201ccommits,\u201d \u201cdrives,\u201d \u201caims,\u201d \u201cforecasts,\u201d \u201cprojects,\u201d \u201cbelieves,\u201d \u201capproaches,\u201d \u201cseeks,\u201d \u201cschedules,\u201d \u201cestimates,\u201d \u201cpositions,\u201d \u201cpursues,\u201d \u201cprogress,\u201d \u201cdesign,\u201d \u201cenable,\u201d \u201cmay,\u201d \u201ccan,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cbudgets,\u201d \u201coutlook,\u201d \u201ctrends,\u201d \u201cguidance,\u201d \u201cfocus,\u201d \u201con track,\u201d \u201ctrajectory,\u201d \u201cgoals,\u201d \u201cobjectives,\u201d \u201cstrategies,\u201d \u201copportunities,\u201d \u201cpoised,\u201d \u201cpotential,\u201d \u201cambitions,\u201d \u201cfuture,\u201d \u201caspires\u201d and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company\u2019s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.<\/i><\/p>\n Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company\u2019s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company\u2019s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the ongoing conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the amount and timing of settlements on the company\u2019s commodity derivative contracts; the company\u2019s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and storage and offset markets; the results of operations and financial condition of the company\u2019s suppliers, vendors, partners and equity affiliates; the inability or failure of the company\u2019s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company\u2019s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company\u2019s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company\u2019s ability to achieve the anticipated benefits from the acquisition of Hess Corporation; the company\u2019s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company\u2019s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company\u2019s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading \u201cRisk Factors\u201d on pages 21 through 27 of the company\u2019s 2025 Annual Report on Form 10-K, and as updated in the future. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.<\/i><\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260817577436\/en\/<\/a><\/span><\/p>\n<\/p>\n
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