Chevron Corporation’s (NYSE: CVX) subsidiary Cabinda Gulf Oil Company Limited today confirmed that initial production of liquefied natural gas (LNG) has commenced at the Angola LNG project. Angola LNG is one of the largest energy projects on the African continent.
“First gas at Angola LNG is an important milestone in support of our strategic plan to grow our production,” said George Kirkland, vice chairman of Chevron Corporation. “This project will commercialize natural gas resources in western Africa to meet growing demand in the region and internationally.”
The $10 billion project will collect and transport natural gas from offshore Angola to an onshore liquefaction plant on the coast near the Congo River. The project has the capacity to produce 5.2 million metric tons per year of LNG, 63,000 barrels per day of natural gas liquids for export and 125 million cubic feet per day of natural gas for domestic consumption.
“The project represents the first LNG project in Angola, and it is expected to contribute to the development of Angola’s natural gas industry,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company.Angola LNG plans to use associated natural gas produced from existing crude oil operations operated by Chevron and other partners as well as new non-associated gas from other offshore fields. The project is expected to reduce natural gas flaring and greenhouse gas emissions from offshore producing areas, and support continued offshore oil field development. Chevron’s subsidiary, Cabinda Gulf Oil Company Limited, has a 36.4 percent interest in the joint-venture, along with Sonangol with a 22.8 percent interest and subsidiaries of Total, BP and ENI, each with a 13.6 percent interest. Chevron is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company’s success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com. Cautionary Statement Relevant to Forward-Looking Information for the Purpose of “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995. Some of the items discussed in this press release are forward-looking statements about Chevron's activities in Angola. Words such as "anticipates," "expects," "intends," "plans," "targets," “forecasts,” "projects," "believes," "seeks," “schedules,” "estimates," "budgets," “outlook” and similar expressions are intended to identify such forward-looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are changes in prices of, demand for and supply of crude oil and natural gas; actions of competitors; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of production and development activities due to war, accidents, political events, civil unrest, or severe weather; government-mandated sales, divestitures, recapitalizations and changes in fiscal terms or restrictions on scope of company operations; and general economic and political conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts