[Angola] Chevron commits to invest in liquefied natural gas project
23-02-2017 09:15:00 | by: Bob Koigi | hits: 6472 | Tags:

Chevron, one of the world's largest energy companies, has pledged to continue investing in the production project of Liquefied Natural Gas (LNG) based in Soyo, northern Zaire province according to its deputy Executive chairperson, Jay Johnson.

The Chevron official said so at the end of an audience granted by Angola’s Vice President of Republic, Manuel Domingos Vicente.

With capacity to process 5.2 million metric tons/year, the US company has a 36.4 percent share at Angola LNG.

The manager told the press at the end of the meeting that Chevron's production in Angola will keep going.

He announced that the company would soon start production at the Mafumeira Sul Well, block zero in shallow water in northern Cabinda province.

Johnson said it is Chevron's intention to continue investing in "fruitful projects with the possibility of better and efficient results" in Angola.

However, he conditioned the implementation of the new investments to the revision of the fiscal terms, under debate with the national oil company "Sonangol", as concessionaire, with the Angolan Government.

During the audience, the Vice President of the Republic evaluated with Chevron's delegation in Angola, led by Jay Johnson, the opportunities of the company's new investments in the country.

The meeting also served to introduce the company's new chairperson for Africa and Latin America, Clay Neff, who is taking over from  Ali Moshiri, set to retire in April.

Founded on September 10, 1879, Chevron, with headquarters in the United States, has been operating in Angola  for about 60 years, through its subsidiary Cabinda Gulf Oil Company Limited.

In 2014, the operations in Angola had a daily average net production of 121,000 barrels of oil equivalent per day, or 114,000 barrels of liquid and 78 million cubic feet of natural gas.