Chevron said its subsidiary will go ahead with development of the offshore Lianzi field, situated in a united maritime zone split between Angola and the Republic of Congo.
"Lianzi is Chevron's first operated asset in the Republic of Congo and builds on Chevron's strong position in West Africa, one of the world's key hydrocarbon basins," Chevron Corp. Vice Chairman George Kirkland said in a statement.
The company said development of a cross-border field like Lianzi could serve as a model for the development of similar fields shared by bordering countries.
Lianzi is about 65 miles off the coast of the two countries in about 3,000 feet of water. The $2 billion development is expected to produce as much as 46,000 barrels of oil equivalent per day. First oil is expected from Lianzi in 2015.