Angola's state-owned oil company SONANGOL announced here on Friday that in cooperation with Cabinda Gulf Oil Company (CABGOC), it has discovered a new oil well on the Block 0 situated in the Congo shallow water basin.
In a press released, SONANGOL said it struck oil when the well was drilled at 3,965 meters deep. The new oil discovery has proved that the Vanza Longui area which is currently being appraised is rich in oil and natural gas.
Cabgoc holds 39.2 percent of the interests of the Block 0, Sonangol E.P 41 percent, Total E&P 10 percent and Eni Angola Production BV 9.8 percent.
Angola has allocated 74 blocks in its offshore, deep sea and ultra deep sea areas, of which 36 blocks have been put into operation.
As a leading oil producer in sub-Sahara Africa, Angola produced some 690 million barrels of crude oil in 2008, enabling it to take over Nigeria to become the largest oil producer in the sub-Sahara region.
Income from crude oil accounts for 50 percent of Angola's gross domestic product or 85 percent of the government's revenue.
(Xinhua News Agency August 8, 2009)
