Chevron to Invest $2 Billion in Congo-Angola Oil Field

Source: Reuters 7/29/2012, Location: Africa

Chevron Corp 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.

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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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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