Chevron plans to proceed with second phase of offshore Angola project
BY TESS STYNES
HOUSTON -- Chevron Corp. plans to proceed with a $5.6 billion Mafumeira Sul project off the shore of Angola, where it anticipates reaching its first oil in 2015.
The project, located in 200 ft of water, is in the second stage of development and includes 50 wells, two wellhead platforms, a central processing and compression facility and about 75 miles of underwater pipelines.
The initial Mafumeira Norte project, which achieved oil in 2009, currently produces more than 40,000 bopd.
Chevron Vice Chairman George Kirkland said, "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."
The Mafumeira Sul project is expected to reach peak total daily production of about 110,000 bbl of crude oil and 10,000 bbl of liquefied petroleum gas.
Chevron' s Angola unit is the operator and has a 39.2% interest in the project. Partners include Sonangol EP with a 41% interest, Total with a 10% interest and ENI with a 9.8% interest.
Dow Jones Newswires