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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.
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| Additional Energy Resources Stories | |
TEL AVIV, Israel, May 17 (UPI) --
Nobel Energy of Houston, which discovered Israel's big gas fields in the eastern Mediterranean, is pressing the government to decide soon on an energy export policy as the prospect of an undersea pipeline to Turkey gains credibility.
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TEL AVIV, Israel, May 17 (UPI) --
mid growing concerns about security threats from Syria and Iran, Israeli Prime Minister Binyamin Netanyahu has greatly reduced planned defense budget cuts.
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Properties repossessed by lenders in the first quarter took an average of 477 days to complete the foreclosure process, up from 414 days in the previous...
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Nobody likes spending cuts but the champion of that attitude is clearly President Barack Obama, who seems to have a very clear pain-avoidance agenda.
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