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.
