Chevron group to invest US$1 billion in Angola over next five years

7 May 2013

US oil group Chevron plans to increase its investments in oil production in Angola over the next five years to US$1 billion, an official from the group’s Angolan subsidiary said in New Orleans.

At a business forum in the US city, Bernardo Domingos, of the Cabinda Gulf Oil Company, said that the investment would lead to production of 600,000 barrels of oil per day.

According to newspaper Jornal de Angola, the company expects to increase its production in 2015 when it will launch exploration at the Mafumeira Sul project, with capacity to produce 110,000 barrels of oil per day.

This project has a gas burning torch, two well platforms and on accommodation/services platform and will employ 234 workers, 202 of which will be Angolan and 32 foreigners.

The processing centre is installed in the Mafumeira field, which will receive the crude oil produced by the two platforms and will then separate the gas from the water.

In New Orleans, US businesspeople took part in the Angola-United States business forum, which marks 20 years since diplomatic relations were established between the two countries, on 19 May, 1993.

Chevron in Angola, as well as its main business of oil production, has provided financial support to farmers and businesspeople and has a budget of US$500 million to support requests to develop business projects. (macauhub)