Chevron embracing offshore Angola

Feb. 7, 2013 at 5:40 AM

SAN RAMON, Calif., Feb. 7 (UPI) -- U.S. supermajor Chevron said it was moving ahead with the development of a $5.6 billion project in an oil field in shallow waters off Angola.

"This decision demonstrates our commitment to further developing opportunities in Angola where Chevron has a leading position and further adds to our strong queue of major capital projects under development," Chevron Vice Chairman George Kirkland said in a statement.

Angola is the No. 2 oil producer in the region behind Nigeria. The U.S. Energy Department's Energy Information Administration estimates there are 9.5 billion barrels of proven oil reserves there.

Chevron, through subsidiary Cabinda Gulf Oil Co. Ltd., said development of the offshore Mafumeira field could, by 2015, produce as much as 110,000 barrels of oil per day. Any associated natural gas would be commercialized as liquefied natural gas, the company added.

BP last week announced it started work of Angola's so-called PSVM oil complex, where it said it expects to produce 70,000 barrels of oil per day.

Related UPI Stories
Latest Headlines
Trending Stories
TSU shooting: 1 dead, 1 wounded in third shooting this week at Houston campus
Listeria threat prompts Whole Foods cheese recall
Russia says missiles aimed at Syria did not land in Iran
Captive orca breeding banned at California's SeaWorld
Wrong drug used in Oklahoma execution