ChevronTexaco today confirmed that the Angola Block 0 concession held by its wholly owned subsidiary Cabinda Gulf Oil Company Ltd. (CABGOC) has been extended beyond 2010 to 2030 by the government of Angola and national oil company, Sonangol. Comprising 36 major fields including Takula and Malongo, the 2,155-square-mile concession lies off the coast of Cabinda Province. CABGOC, with a 39.2 percent interest, is operator on behalf of its association partners, Sonangol (41 percent), Total (10 percent) and ENI (9.8 percent). Current average production from Block 0 is approximately 400,000 barrels of oil per day. Speaking today at a signing ceremony in Washington, D.C., ChevronTexaco's chairman and chief executive officer, Dave O'Reilly, said: "ChevronTexaco would like to express its thanks to the government of Angola, Sonangol and our Block 0 Association partners for the constructive approach they have taken in helping to reach this milestone.
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Among the factors that could cause actual results to differ materially are future demand for crude oil and natural gas; actions of OPEC; potential delays in the development, construction or start-up of planned projects; inability or failure of the company's joint venture partners to fund their share of development activities and operations; potential failure to achieve expected production from existing and future oil and gas development projects; potential disruptions or interruptions of the company's development activities and operations due to accidents, political events, severe weather, civil unrest or war; local political events and general economic conditions.
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Among the factors that could cause actual results to differ materially are future demand for crude oil and natural gas; actions of OPEC; potential delays in the development, construction or start-up of planned projects; inability or failure of the company's joint venture partners to fund their share of development activities and operations; potential failure to achieve expected production from existing and future oil and gas development projects; potential disruptions or interruptions of the company's development activities and operations due to accidents, political events, severe weather, civil unrest or war; local political events and general economic conditions.
You should not place undue reliance on these forward-looking statements, which speak only as of the date of the press release. Unless legally required, ChevronTexaco undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
PRNewswire 13.May.04
