Monday, August 10, 2009

Chevron Makes "Significant" Oil Find Near Angola

(Posting will still be light until Wednesday, but I'll do what I can when possible.)

Chevron announced a "significant" oil discovery offshore of Angola. Chevron didn't divulge the details of the find, but "significant" oil discoveries often mean at least 500 million barrels.

Chevron Corp. said Friday it has made a "significant" oil discovery in Angola's offshore waters, underscoring the West African nation's growing significance to Chevron and the country's rising stature as an energy producer as neighboring Nigeria copes with militant attacks.

A Chevron spokesman declined to estimate how much oil and natural gas the discovery might hold, but it comes as the San Ramon, Calif.-based company is set to start pumping crude in coming days from a separate, $3.8 billion project also in Angola's offshore waters.

The recent find, based on a single discovery well, still needs further drilling to be confirmed, Chevron said. Oil discoveries pegged as "significant" by major oil companies such as Chevron often imply crude and gas resources of at least 500 million barrels.

Chevron's latest find marks the latest in a flurry of discoveries off Angola in the past few years that have made it Africa's biggest oil producer, with output of around 1.85 million barrels a day in July.

- Brewskie


  1. And now Europe faces a natural gas glut too, by 2015. The doomers are going a major headache epxlainng how we are all doomed while we are glutted in fossil fuels up the ying-yang.

    "Gas demand
    Birol (IEA) said there may not be enough natural gas demand in Europe to support both competing major pipeline projects, Nabucco and South Stream, when they are expected to go on line.
    The EU-backed Nabucco pipeline project aims to deliver 31 billion cubic metres of Caspian or Central Asian gas to Europe by 2014, while the rival Russian-sponsored South Stream project plans to pump Russian and other gas from 2015.
    Both pipelines would cross Turkish territory but are still in their early planning stages. Nabucco is seen lagging slightly because of failure so far to secure suppliers for the pipeline.
    Birol said that new gas supplies from elsewhere, especially those from Gulf-based liquid natural gas projects seen coming on line, would be redirected to Europe as the United States increases its consumption of non-conventional gas products.
    Around 2015 we should have a gas glut in Europe and elsewhere, and it would be difficult to convince consumers of two projects coming from the same countries and trying to finance them,” he said.'' B Cole

  2. Benjamin "No Beeno" Cole,

    Good info. Where did you get it from?

  3. Well, now I forget. This was days ago. You can probably just google news using a sentence fragment.....

  4. So at 80-or-so million barrels a day of consumption, that's at least 6.25 days worth of oil.

    A real whopper.

    Ok, I'm being a cynic. Pennies add up to dollars. But I just want to put this find into context.