Early results from a program off the coast of Angola show there may be as much as 700 million barrels of oil in the region, Cobalt International Energy said.Cobalt, through a partnership with national and international energy companies, released results from its Orca-1 pre-salt deepwater exploration well off the coast of Angola. The company said it tested the well at a rate of 3,700 barrels of oil and 16.3 million cubic feet of natural gas per day.

The company, which has headquarters in Houston, said the results show this may be the largest oil discovery every found in the Kwanza basin off the coast of Angola.

“Cobalt’s post drill estimates indicate a resource range of between 400 and 700 million barrels of oil,” it said Thursday.

Cobalt Chief Executive Officer Joseph Bryant said the field may be the “most significant oil discovery” ever made in Angola.

Angola is a member of the Organization of Petroleum Exporting Countries. OPEC said Angola has proven crude oil reserves of 9 billion barrels and 9.7 trillion cubic feet of natural gas.

4 Comments on "Massive oil discovery claimed offshore Angola"

rockman on Sat, 3rd May 2014 8:13 pm 



Color me a tad suspicious. First, they say “much as 700 million barrels of oil in the region”… not in the reservoir/field. Not a slip of the tongue an oil patch hand would make. Also: “…indicate a resource range of…”. “resource” and not reserve…again not what an oil man would say. Unless he ran a public company and didn’t want the SEC to sue his ass for making misleading press releases.

We’ll see how Wall Street views the announcement next week: in the last 10 months the stock has dropped about 30%. The stock fell a few cents since the news broke.

And then there was some concern raised back in April 2012: “Shares in Cobalt International Energy fell as much as 11 per cent on Monday after news that three of the most powerful officials in Angola have held concealed interests in the Goldman Sachs-backed group’s oil venture in the African country.”

Goldman-Sachs…what’s not to believe? LOL.

DMyers on Sat, 3rd May 2014 9:12 pm 



Angola appears to be fockin’ swimming in erl. Four to five days worth. Crank it out. Drill baby drill. The world needs you Angola! Don’t let us down! We’re a drivin’ a jivin’, and a textin’ at 80 mph. God bless.

MKohnen on Sat, 3rd May 2014 11:12 pm 



Is it just me, or is the term “massive” slowly degenerating into something quite small? Soon we’ll have news reports entitled “Massive oil find near earth’s core, could be as much as 400 barrels!”

rockman on Sun, 4th May 2014 7:45 am 



MK – You make massively important point IMHO. LOL.