Chevron Sanctions the Lianzi Project Offshore Angola and the Republic of Congo
$2.0 billion cross-border deepwater project will tie back to existing Chevron development
SAN RAMON, Calif.--(BUSINESS WIRE)-- Chevron Corporation (CVX) announced that its subsidiary will proceed with the development of the Lianzi field located in a unitized offshore zone between the Republic of Congo and the Republic of Angola.
Located 65 miles (105 km) offshore in approximately 3,000 feet (900 meters) of water, the Lianzi field will be developed via a tieback to the existing Benguela Belize Lobito Tomboco (BBLT) platform located in Angola Block 14.
Lianzi is Chevrons first operated asset in the Republic of Congo and builds on Chevrons strong position in West Africa, one of the worlds 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 (43 km) 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 barrels of oil equivalent per day.
Chevron Overseas Congo Limited is operator of the Lianzi field and has a 31.25 percent interest, along with Total (36.75 percent), ENI (10 percent), Sonangol (10 percent), SNPC (the Republic of Congo National Oil Company 7.5 percent), and GALP (4.5 percent).
Chevron is one of the worlds leading integrated energy companies, with subsidiaries that conduct business worldwide. The companys success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
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Kurt Glaubitz, San Ramon, +1-925-790-6928
Source: Chevron CorporationCopyright Business Wire 2012