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 LUANDA, Angola, Oct. 21 /PRNewswire/ -- Twenty-five years ago this month, Cabinda Gulf Oil Company (CABGOC) began commercial production of crude oil from Angola's Cabinda Province. The initial discovery well, drilled two years earlier, lead to the delineation of "Malongo," Angola's first oil field, which was subsequently judged "commercial" and brought onto full production in 1968.
 Back then, "full production" measured 15,000 barrels a day; today, Angola's production solely from the Cabinda Concession runs at an average of 310,000 barrels daily -- over a 20-fold increase from those initial producing rates.
 Richard Matzke, president of Chevron Overseas Petroleum, reconfirmed his company's commitment to its Angolan operations in a comment to Prime Minister Marcelino Moco. "I see our future in Angola extending far beyond the year 2010," said Matzke, referring to the year which officially marks the end of CABGOC's current concession agreement.
 "Over the next five years, CABGOC and its partners plan to invest more money in the Cabinda Concession than it has during the entire previous 25 years of production," Matzke said. "That investment will ultimately boost production by more than 20 percent, and will provide more jobs for Angolans," he added. Angolan nationals represent roughly 80 percent of the 1,500 Chevron employees in the Cabinda Association.
 Jose Eduardo dos Santos, President of the Republic of Angola, along with Prime Minister Moco, Albina Faria de Assis Pereira Africano, the Minister of Petroleum, Governor Toms of Cabinda Province, and a host of Angola's leaders and dignitaries, nodded as Matzke pointed out that the Cabinda Association partnership is a "fulfillment of mutual obligations based on mutual respect."
 "Ours is a relationship that has always separated business from ideology and political partnership," Matzke noted, "the collaboration has been a success story, resulting in sustained levels of crude oil production that place Angola among the top oil producers in Africa."
 CABGOC is operator of the 2,700-square-mile offshore Cabinda Concession for itself (39.2 percent), and its partners: Sociedade Nacional de Combustiveis de Angola (SONANGOL) (41 percent); Elf Angola (10 percent) and Agip Angola Ltd. (9.8 percent).
 Chevron Corporation vice chairman, Dennis Bonney, and William Crain, Chevron's vice president in charge of exploration and production, joined Matzke in Luanda and Malongo to celebrate CABGOC's silver anniversary.
 "We'll find ourselves together again in the year 2018," said Matzke, "celebrating our first 50 years of oil production heA?ngola," he concluded.
 -0- 10/21/93
 Historical: Chevron's relationship with the country of Angola is an outgrowth of Gulf Oil Company's first exploration in Cabinda Province in 1954. Three days before Christmas in 1957, CABGOC was given its first concession from the Portuguese Ministry of Overseas Provinces. The concession originally covered essentially all the land area in the Province as well as the continental shelf extending out into the Atlantic to a depth of about 90 feet. Following changes over the years, the Cabinda Concession now encompasses 2,700 square miles offshore Angola. From 1954 to 1966, seismic work and some onshore drilling was accomplished. Then, in November, 1966, CABGOC made the first offshore discovery and the rest, as they say, is history.
 Production Notes: The Cabinda Concession is divided into three areas: A, B, and C, with all current production emanating from 14 producing fields in Area A. A historic peak production rate of 324,000 barrels per day was reached in September, 1993, with current production averaging about 310,000 barrels per day. Three hundred fifty development wells have been drilled to date, with 274 currently onstream. CABGOC maintained full production throughout the year despite threats of potential disruptions by various separatist factions.
 Development Notes: Major focus of development is shifting to Areas B and C, where a significant number of discoveries l?ead to a phased development plan with immediate focus on oil production. The first phase of development involves installation of two integrated drilling and production platforms in Kokongo Field, one of which will be the hub for future development in B and C. The platform will also be the initiation point for a 38-mile pipeline to transport B and C production to the new onshore terminal at Malongo. Production is scheduled to begin in mid-1994.
 /CONTACT: Jan Golon of Chevron, 212-303-3833/

CO: Chevron Corp. ST: IN: OIL SU:

SG -- SF011 -- 5450 10/21/93 16:52 EDT
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Publication:PR Newswire
Date:Oct 21, 1993

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