Chevron Corp. said on Tuesday it had made an oil and gas discovery in Block 14 offshore Angola, marking the latest in a series of exploration successes in the region.
The U.S. energy major did not disclose the size of the reserves or production timelines, but confirmed the discovery was made in the Kwanza Basin. The find follows Chevron’s recent drilling campaign in the area, which has drawn interest from international oil companies amid Angola’s push to revive its hydrocarbons sector.
Angola, Africa’s second-largest oil producer, has been seeking to attract investment to offset declining output from mature fields. The government has offered new exploration blocks and fiscal incentives to boost activity in its offshore basins.
Chevron operates Block 14 in partnership with Angola’s state-owned oil company, Sonangol, and other international firms. The consortium has drilled multiple wells in the block over the past year, with this latest discovery representing a potential addition to Angola’s crude output.
Analysts said the find could support Angola’s efforts to stabilize production, which has fallen in recent years due to underinvestment and natural field decline. The country’s oil output has hovered around 1.1 million barrels per day in 2024, down from peaks above 1.8 million bpd in the early 2000s.
Chevron declined to comment on commercial viability or development plans, citing ongoing evaluations. The discovery comes as global energy majors reassess portfolios amid volatile oil prices and shifting demand trends.
