Chevron to develop Congo-Angola oilfield

$2 billion: Chevron reveals plans to develop its Lianzi oilfield on the border of Congo and Angola

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News Wires

 30 July 2012 03:20 GMT

Chevron plans to invest $2 billion to develop its Lianzi oilfield straddling the maritime border between Republic of Congo and Angola, a company official said.

"Production from the Lianzi field will begin in 2015 and investments will cost $2 billion," Katia Mounthault-Tatu, a Chevron spokeswoman, told Reuters yesterday.

State revenues from the field, which holds proven reserves of 70 million barrels, will be split 50-50 between Congo and Angola, the two countries confirmed in an agreement on Friday.

Congo produced 105 million barrels of crude oil last year. Angola pumps around 1.8 million barrels per day.

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