Chevron's crude oil output in Angola will increase by 25% by 2011 with new finds expected to further boost the country's oil production, Chevron has announced.
Chevron, a key oil producer in Angola, operates oilfields that produced more than 500,000 barrels per day (bpd) of oil in 2008.
Mafumeira Norte and Tombua-Landana, two new oilfields that came onstream this year, are expected to reach peak production in 2011, providing an additional 130,000bpd.
Chevron’s president for Africa and Latin America Ali Moshiri told Reuters that the company predicted great potential in Angola and that investment was sustainable.
In August 2009, the $3.8bn Tombua Landana Project first discovered oil with recoverable resources estimated at nearly 350 million barrels.
In 2011, peak production of crude oil is expected to touch 100,000bpd.
Crude oil output in Angola has approached nearly 2 million bpd in 2009, attracting interest from global oil companies.
Apart from Chevron, other big oil companies operating in Angola include France's Total and Exxon Mobil. Chinese companies are also expected to step up investment in Angola.