Chevron Launches $5.6B African Offshore Oil Project

Law360, New York (February 6, 2013, 3:24 PM EST) -- Chevron Corp. will launch one of its most expensive African projects, pushing ahead with the development of a $5.6 billion oil venture off the coast of Angola that builds on an existing effort that began operating in 2009, the energy giant announced Wednesday.

Expected to reach oil in 2015, the Mafameira Sul project is located about 25 miles at sea, 200 feet below the surface. At its peak, the site is expected to pump 110,000 barrels of crude oil daily to nearly triple the 40,000-barrel daily...
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