facebook
twitter
search
search

Chevron steps into West African waters

July 31, 2012 at 6:01 AM

SAN RAMON, Calif., July 31 (UPI) -- Chevron said its regional subsidiary plans to develop offshore regions in West Africa in a move that marks a first for the U.S. supermajor.

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.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
B-52 bombers demo long reach of U.S. air power
Army orders tactical trucks from Oshkosh
Reddit CEO Ellen Pao offers to improve communication in wake of firing scandal
Eni starts production at giant Venezuelan gas field
Southwest Airlines reaches wage-increase deal with flight attendants