Chevron (CVX) Starts Production At Mafumeira Sul Field
Zacks Investment Research | Nov 13, 2016 08:26PM ET
Chevron Corporation (NYSE:CVX) , the second-largest U.S. oil producer, recently reported that it has started production at the Mafumeira Sul oil field along with Angolan state oil major – Sonangol. The initial production capacity of the field is 10,000 barrels per day.
The Mafumeira Sul oil field is estimated to produce 110,000 barrels per day or more, once fully developed. Located off the coast of Angola, the project is worth $5.6 billion and currently uses early production systems or EPS to produce 10,000 barrels of oil per day.
Sonangol has a 41% stake in the Mafumeira Sul oil project. Chevron, on the other hand, holds a 39.2% interest. The other partners are Total S.A. (TOT) and Eni SpA (E) with 10% and 9.8%, respectively.
San Ramon, CA-based Chevron is one of the largest global publicly traded oil and gas companies, based on proved reserves. It is engaged in oil and gas exploration and production, refining and marketing of petroleum products, manufacturing of chemicals, and other energy-related businesses.
Recently, Chevron yielded first gas from Alder field – a gas condensate field in the Central North Sea. The Alder project complements Chevron’s strategy of investing and developing resources in the U.K., enhance the production capacity of its portfolio and increase the field life of Britannia – a vital asset of Chevron in the North Sea.
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