Portuguese oil and gas company Galp Energia, part of a consortium led by U.S.-based Chevron Corp., said Friday that it made a new oil discovery in deep waters off the shore of Angola.
The new Lucapa-1 well was drilled last October in a water depth of 1,201 meters (10,958 feet) and could contain over 85 net meters (280 net feet) of oil in Miocene age sands, Galp said.
The company, Portugal's biggest oil and gas firm, said in a statement that it would further evaluate the dimensions of the newfound field "to assess potential reserves."
Galp has a participation of 9 percent in the five-company consortium led by Chevron, which holds a 31 percent stake. Angolan state firm Sonangol, Italian oil company Eni SpA and French company Total SA hold stakes of 20 percent each.
Angola, Africa's second-largest oil producer after Nigeria, is expected to produce over 2 million barrels a day in 2007 and increase production by 90 percent from 2005 levels by 2010, according International Monetary Fund estimates.