Luanda, Angola, 29 March – The Cabinda Gulf Oil Company (CABGOC), a subsidiary of US oil company Chevron, is set to invest US$250 million in a unit for processing waste gas and production of liquid petroleum gas (LPG) in Bloc 0 in the offshore area of Cabinda, Angola, the company said Tuesday.
According to the Chicago Bridge & Iron Company (CB&I), which is responsible for the engineering and construction of the unit, the complex will be operational by the Summer of 2008, producing “natural gas for export and local consumption.”
At the same time waste gases will be used to fire three turbines for generating electricity.
The project “will help CABGOC to eliminate the burning of gas associated with exploration, and make use of hydrocarbon vapor from the crude oil storage terminal “, it added.
According to CB&I, the engineering and construction of the modules for the complex will be carried out at its headquarters in Houston, Texas, and the management of construction activities will be in the hands of its London, Dubai and South African offices.
This week, the director-general of Chevron in Angola, Jim Blackwell, said that the company would invest US$11 billion in the country by 2008 in order to increase production there by around 40 percent.
The US oil company currently has a production capacity of 481,000 barrels of oil per day in Angola. (macauhub)