Chevron to develop $5.6B Mafumeira Sul Project in offshore Angola

theflyonthewall.com

Chevron (CVX)'s Cabinda Gulf Oil Company subsidiary will proceed with the development of the Mafumeira Sul project located offshore Angola. The $5.6B Mafumeira Sul project is the second stage of development of the Mafumeira Field located in Block 0. Mafumeira Sul is expected to reach first oil in 2015 and build toward peak total daily production of 110,000 barrels of crude oil and 10,000 barrels of liquefied petroleum gas. Chevron’s subsidiary is the operator and holds a 39.2% interest in Mafumeira Sul. Chevron’s partners are Sonangol E.P. (41%), Total (TOT) (10%) and ENI (E) (9.8%).

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