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CHEVRON ANNOUNCES NEW PARTNER IN ANGOLAN OIL CONSORTIUM

 CHEVRON ANNOUNCES NEW PARTNER IN ANGOLAN OIL CONSORTIUM
 SAN FRANCISCO, Feb. 13 /PRNewswire/ -- An international oil consortium led by Cabinda Gulf Oil Company Limited (CABGOC), was joined recently by Elf Petroleum (Angola) Limited, it was announced today by Richard Matzke, President of Chevron Overseas Petroleum Inc.
 Elf secured a 10 percent interest in the 2,100-square-mile oil exploration and producing Cabinda Association from Sociedade Nacional de Combustiveis de Angola (SONANGOL), the national oil company of Angola, which formerly held 51 percent interest in the Association. Terms were not disclosed.
 The percentage interests held by the other partners, Chevron and AGIP, remain unchanged.
 The Association's contract area, which lies off the western coast of Angola's Cabinda enclave, is divided into three parts: Areas A, B and C. Current production operations are limited to Area A, where 13 oil fields are on production and were responsible for average production of 263,000 barrels of crude oil per day in 1991. To date, over 382 wells have been drilled with 280 currently on production. In addition, several discoveries have been made in Areas B and C, and production from these areas is expected to begin in late 1994.
 CABGOC, a wholly owned subsidiary of Chevron Corporation, is the most successful oil operator in Angola and has been active in oil exploration and production in the country since 1957.
 CABGOC holds a 39.2 percent interest in and is operator of the Cabinda concession. In addition to CABGOC and Elf Petroleum (Angola) Limited, which is a wholly owned subsidiary of Societe Nationale Elf Aquitaine, headquartered in Paris, members of the Association include SONANGOL, which now holds a 41 percent interest, and AGIP Angola Limited, which holds a 9.8 percent interest and is a wholly owned subsidiary of Ente Nazionale Idrocarburi, the national oil company of Italy.
 The Association recently announced record-setting production of 300,000 barrels of crude oil per day, representing more than a 200 percent increase in production in less than ten years.
 -0- 2/13/92
 /CONTACT: Jan Golan Bayles of Chevron, 212-303-3833; or Carlos Lopes (Luanda, Angola) of CABGOC, 011 244.2.392646/
 (CHV) CO: Chevron ST: California IN: OIL SU:


RM -- SF004 -- 9707 02/13/92 11:36 EST
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Publication:PR Newswire
Date:Feb 13, 1992
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