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Chevron to Spend $11bn in Angola Nigeria is 5th largest oil supplier to US By Mike Oduniyi, with Agency report US oil major ChevronTexaco is planning to invest with its partners, a whopping $11 billion in 12 oil and gas projects in the next five years, accounting for more than half of the $20 billion that the company has budgetted for its African joint venture operations in the period. Investments will include the Benguela-Belize-Lobito-Tomboco (BBLT) development in block 14, which is set to start production in 2006, the Sanha condensate scheme and a proposed LNG project. The LNG scheme has been long in the planning but the Chevron-led investors are expected to approve a contracts for front-end engineering and design by the end of this year, according to industry sources. Chevron is the country's biggest foreign oil producer. The Chevron-operated 400,000 barrels per day (bpd) Block 0 concession was extended beyond 2010 to 2030 in May. Block 0 holds 36 major fields including Takula and Malongo. During 2003, fields operated by Chevron, or in which Chevron owns a stake, pumped a total 526,000 bpd, giving the company the company 153,800 b/d in net production. Meanwhile, Nigeria retained its spot as the fifth largest crude oil supplier to the US in July this year. Canada retains the top spot and moved closer to dethroning Saudi Arabia from the top spot for the year, which the kingdom has held since 1998. However, Saudi Arabia is sending more crude to the US and the 1.622 million b/d that gave it second place for July was the largest monthly volume so far for 2004, data from the Energy Information Administration (EIA) show. Industry sources say that Saudi Arabia might have landed as much as 1.9 million b/d in August. In addition to the crude oil, total US products imports amounted to 3.049 million b/d Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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