Accord Paves Way for Chevron Angola/ROC Development

A subsidiary of Chevron Corp.’s will proceed with the development of the Lianzi field located in a unitized offshore zone between Angola and the Republic of Congo (ROC). The government of Angola and ROC just recently signed an accord on the offshore joint exploration area between the two countries which paves the way for the potential for increased reserves for both nations.

The Lianzi field is located 65 miles offshore in approximately 3,000 ft of water and will be developed via a tieback to Chevron’s existing Benguela Belize Lobito Tomboco (BBLT) platform located in Angola Block 14.

“Lianzi is Chevron’s first operated asset in the ROC and builds on Chevron’s strong position in West Africa, one of the world’s key hydrocarbon basins,” said George Kirkland, vice chairman, Chevron Corporation.

“As the first cross-border development in the region, Lianzi represents a unique cooperative approach to shared offshore resources and may serve as a model for the development of similar cross-border fields between the two countries,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company.

The $2.0 billion development will include a subsea production system and a 27 mile electrically heated flowline, the first of its kind at this water depth, to transport the oil from the field to the BBLT platform.

First oil is expected in 2015. Once completed, the project is expected to produce a maximum of 46,000 boepd.

Chevron Overseas Congo Ltd. is operator of the Lianzi field and has a 31.25% interest, along with Total with a 36.75% interest, ENI and Sonangol each with 10%, SNPC 7.5%, and GALP holds the remaining 4.5% interest.