• Most Popular
  • Most Shared

UPDATE 1-Chevron says new Angola oilfield starts production

Thu Jul 2, 2009 10:43am EDT

Stocks

   

* Maximum total production 30,000 bpd of crude oil in 2011

Stocks  |  Global Markets  |  Italy

* 30 million cubic feet per day of natural gas in 2011

(adds details)

LONDON, July 2 (Reuters) - Chevron (CVX.N) announced on Thursday that its joint venture had begun oil production from its offshore Mafumeira Norte oilfield in Angola.

This is the first phase in development of the main Mafumeira oilfield, which is expected to reach total production of 30,000 barrels per day of crude oil in 2011 and maximum total output of 30 million cubic feet per day of natural gas in 2011.

Chevron is the operator of the Mafumeira project and has a 39.2 percent interest, while Angola's state oil company Sonangol owns 41 percent, Total (TOTF.PA) 10 percent and Italion oil company ENI (ENI.MI) 9.8 percent.

"Today's milestone underscores Chevron's commitment to growing its resource base in West Africa and delivering on our robust queue of major capital projects," said George Kirkland, executive vice president, Global Upstream and Gas, Chevron. (Reporting by Joe Brock; Editing by James Jukwey)



More from Reuters

visits a condominium for sale with her real estate agents in Somerville, Massachusetts April 2, 2009.  REUTERS/Brian Snyder

On shaky ground

The bubble has burst and the economy is bottoming out. So why are Americans still hesitant to buy new homes?  Full Article 

A call centre personnel uses a calculator as she answers a call from a investor at an online brokerage company in Tokyo October 23, 2008. REUTERS/Yuriko Nakao

The relentless investor

Ever the contrarian, fund manager Maura Shaughnessy finds ways to make money amid the market meltdown -- even if it means kicking executives in the shin.  Full Article