Oil majors boost prospects for Congo

March 25, 2013 at 7:56 AM

SAN RAMON, Calif., March 25 (UPI) -- U.S. supermajor Chevron said it expects development of deep-water projects off the Republic of Congo's coast will produce 140,000 barrels of oil by 2017.

The company's regional subsidiary, Chevron Overseas (Congo) Ltd., said it was developing the Moho Bilondo and Moho Nord projects through a joint venture with the Congolese government and Total, which holds a majority interest.

The Moho Nord project is the largest of its kind for the country, Chevron said.

"Moho Nord is among a strong queue of major capital projects that will provide Chevron with future growth," Chevron Vice President George Kirkland said in a statement. "With the project, we will enhance our position in this prolific deep-water basin."

Chevron said the development should produce 140,000 barrels per day of crude oil once peak production is reached in 2017. Moho Bolindo came onstream in 2008.

The U.S. Energy Department's Energy Information Administration attributes offshore work for the swift recovery on Congolese oil production. As of 2011, the country ranked fifth in terms of oil reserves in Sub-Saharan Africa.

EIA estimates the country has around 1.6 billion barrels of proven oil reserves.

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