Chevron strikes first oil offshore Angola

Chevron Corp. on Thursday said its subsidiary and partners struck first oil at its Mafumeira Norte project located offshore Angola.

The project is the first-phase development of the Mafumeira field and is expected to reach a maximum total production of 30,000 barrels of crude oil and 30 million cubic feet per day of natural gas in 2011.

Chevron, through its subsidiary Cabinda Gulf Oil Co. Ltd., has a 39.2 percent interest and is the operator of the contractor group, which also includes Sonangol P&P with 41 percent, Total with 10 percent and ENI with 9.8 percent.

Chevron shares fell $1.27 to $65.25 in morning trading.