LYCOS RETRIEVER 
Angola: Oil
built 646 days ago
Bolstered by the oil sector, annual growth in Angola is set to average over 10% year-on-year (y-oy) over the forecast period, underpinned by expansionary fiscal policy and reconstruction efforts following decades of conflict. Historically high oil prices, and going forward, rising gas exports, will help keep the current account and fiscal balance in positive territory over the forecast period. The dependency on oil... remains a major concern, particularly given the lack of a long-term and prudent approach to fiscal policymaking. With money supply ticking up, inflationary pressures are again mounting, and this is likely to bring monetary tightening ahead.
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Chevron has had a presence in Angola since the 1930s, when Texaco-branded products were first marketed in Angola. In 1958, Cabinda Gulf Oil Co. Ltd. (CABGOC), Chevrons wholly owned operating unit in Angola, drilled the company's first onshore well. Chevron was the first to produce in the Angolan deep water and is the nations largest foreign oil industry-employer. Today, Chevron ranks among Angolas top petroleum producers.
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A substantial part of the platform fabrication work will be undertaken in the Stolt Offshore- managed Sonamet yard at Lobito in Angola. These offshore facilities will be installed in the Sanha and Bomboco fields in the Cabinda area offshore Angola. The operator of these fields is CABGOC, on behalf of an oil company group of Sonangol, Chevron Texaco, Agip and TotalFinaElf.
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