Chevron approves $5.6B oil project in Angola

U.S. oil giant Chevron said it would proceed to develop a $5.6 billion project in an oil field located in offshore Angola, the company’s single largest investment in African crude to date. The Mafumeira Sul project 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, according to the company. Chevron's subsidiary, Cabinda Gulf Oil, will be the operator and holds a 39.2% interest in Mafumeira Sul. Angola is the No. 2 oil producer in the region behind Nigeria.