TotalFinaElf announces a new oil discovery on deep offshore Block 14 in Angola. The Group holds a 20% interest in the block along with Sonangol, the Angolan national oil company (20%), the Cabinda Gulf Oil Company Limited, a subsidiary of Chevron, the operator (31%), Agip Angola Exploration B.V. (20%) and Petrogal (9%).

The discovery well, Lobito-1x, was drilled in 400 meters (1,340 feet) of water and had a daily flow rate of 10,200 barrels of very good quality oil (API 35°). The discovery will be followed by further geological and engineering studies in order to appraise the field’s potential.

The discovery field is near four other previously discovered wells on Block 14: Kuito, Landana, Benguela and Belize. The Kuito field was put into production at the end of 1999 and currently produces 70,000 barrels of oil a day with a production plateau objective of 100,000 barrels of oil a day. Studies are underway for developing the other fields.

TotalFinaElf is also present in the Angolan deep offshore as operator of Block 17 where
10 successful discoveries have been carried out to date: Girassol, Dalia, Rosa, Lirio, Tulipa, Orquidea, Cravo, Camelia and Jasmim. Perpetua, the latest discovery, was announced on August 31 of this year.

The development of the Girassol field is progressing normally. Production start-up is planned for the third quarter of 2001, with a production plateau objective of 200,000 barrels a day. Studies are underway for the development of the Dalia field and the Rosa-Lirio-Orquidea group of fields.

TotalFinaElf also holds other interests in deep and very deep offshore blocks in Angola – in Block 19 (operator, 30%), Block 32 (operator, 30%), Block 31 (5%) and Block 33(15%).