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.