Luanda, Angola, 28 March – US oil company Chevron plans to invest US$11 billion in Angola by 2008 in order to increase its production there by around 40 percent, the company’s director-general in Angola, Jim Blackwell said Monday.
Chevron currently produces 481,000 barrels of oil per day in Angola.
Quoted by Angolan news agency Angop, Blackwell said that the expansion project would be accompanied by other large projects, namely Condesados do Sanha, which aims to reduce the routine burning off of gas and Benguela/Belize, which will involve building an articulated platform around 550 meters high.
The company would also work on the Lobito/Tomboco project, which involves building three submarine centers as well as producing liquid natural gas, expected to reach production levels of 5 million tons as of 2010.
According to Blackwell, speaking at a press conference, these investments would be very important to Angola’s development as they would not only serve the national market but would also promote exports.
In Angola Chevron operates on 600 wells and 40 platforms and employs over 2,500 Angolan workers.
Blackwell said that the company had approved, for this year, the provision of loans for small Angolan companies, budgeted at over US$1 billion, which is aimed at setting up a business center in Cabinda and boosting the fishing industry.
The initiative is called, “Local Business Development Program” and aims to increase the local economic benefits of oil and gas operations, establish a business environment that encourages growth and economic investment and help Angolan companies to improve their capacities, efficiency and reliability. (macauhub)