Chevron Eyes to Develop Major Angolan Oilfield

U.S. oil firm Chevron Corp. is poised to start up its next major Angolan oilfield before the end of this decade after ordering the world's biggest drilling and production platform from a South Korean builder.

Daewoo Shipbuilding and Marine Engineering Co. (042660.KS: Quote, Profile, Research), the world's second-largest shipbuilder, said in a statement on Thursday it had won a 1.22 trillion won ($1.27 billion) order to build the platform for Cabinda Gulf Oil Co. Ltd., Chevron's unit in the West African country, by May 2009.

It said the platform would produce 130,000 barrels of oil a day at the Tombua Landana field in Angola's prolific deepwater Block 14, which has yielded nine discoveries since 1997.

Daewoo's announcement was the first public indication of when output will begin and at what rate the field will pump.