Massive oil discovery claimed offshore Angola

HOUSTON, May 2 (UPI) -- 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.