Chevron, Exxon discover oil near Gabon

Chevron Corp. and Exxon Mobil Corp. have made an oil discovery off the coast of Gabon in West Africa that could hold as much as 1 billion barrels of oil and gas. The discovery could be the largest find so far this year.

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San Ramon-based Chevron (NYSE: CXV) is the operator of the field, with a 51 percent stake. It acquired its stake in 2004, and exploratory drilling began in January. Exxon Mobil (NYSE: XOM) owns a 40 percent stake, with the remaining 9 percent stake held by Dangote Energy Equity Resources. The well was drilled in the Nigeria Sao Tome and Principe Joint Development Zone, in the deep waters of the Gulf of Guinea, approximately 190 miles north of the city of Sao Tome, according to the company.

Chevron said it was reviewing the drilling results from the Obo-1 well to determine the next steps in its exploration program.

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The potential success in Soa Tome and Principe follow successful drilling results the company announced earlier this month, off the coast of Angola, where Chevron is the largest oil producer. On March 7, Chevron CEO Dave O'Reilly outlined a plan to grow annual production more than 3 percent a year for the next five years.

Shares of Chevron closed up 0.87 percent to $58.07.