US oil group Chevron plans to increase its investments in oil production in Angola over the next five years to US$1 billion, an official from the group’s Angolan subsidiary said in New Orleans.

At a business forum in the US city, Bernardo Domingos, of the Cabinda Gulf Oil Company, said that the investment would lead to production of 600,000 barrels of oil per day.

According to newspaper Jornal de Angola, the company expects to increase its production in 2015 when it will launch exploration at the Mafumeira Sul project, with capacity to produce 110,000 barrels of oil per day.

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