Chevron Corp. found more than 85 meters oil in Lucapa-1 on the coast of Angola.
San Ramon, of Chevron Corp said;
Well drilled in waters of 1,201 meters to a depth of 3,340 meters and the output tested at commercial rates and further drilling will be conducted to appraise the well and determine potential reserves
Angola joins OPEC on Jan. 1 and became its member. OPEC currently has 12 members.
Chevron, the second-largest U.S. oil company, selected Angola, the Republic of the Congo and Nigeria for major projects in its 2007 capital budget of $19.6 billion. Chevron operates Angola’s block 0 and 14, which produce more than 500,000 barrels of oil a day. The company has a 31 percent interest in Block 14.
Newly OPEC member produces 1.4 million barrels of oil a day and plans to increase output to 2 million barrels by the end of the year.
