(Ecofin Agency) - Cabinda Gulf Oil Company, a subsidiary of the American oil and gas group Chevron Corporation, has estimated the volume of oil extracted during the year 2015 on the blocks Zero and 14 in Angola to be 5 billion barrels, reports Angop.

According to John Baltz, Managing Director of the group, the rate of oil production was sustained at a level of efficiency, despite the unfavourable situation created by the drop in oil prices.

“The company is facing difficulties linked to the weak price of oil on the international market but it has taken advantage of its 60 years of activity in Angola to manage these crisis periods”, he explained.

The American multinational Chevron listed in New York holds many assets in Angola and is the operator on the joint Congo-Angola project on the. offshore Lianzi deposit.

The project is thought to have proven reserves of 70 million barrels, according to figures dating back to 2012, and its revenue will be equitably shared between the two countries, we learn.