Brazzaville, Congo — 30 July 2012 – Chevron Corporation has announced plans to invest US$2 billion for the development of its Lianzi oilfield, which is reported to straddle the maritime border between Republic of Congo and Angola.
“Production from the Lianzi field will begin in 2015 and investments will cost US$2 billion,” Chevron spokeswoman Katia Mounthault-Tatu told Reuters.
The two countries have confirmed finalisation of an agreement that state revenues from the oilfield, which holds proven reserves of 70 million barrels, will be split 50-50 between Congo and Angola.
Congo produced 105 million barrels of crude oil last year. Angola pumps around 1.8 million barrels per day.
Source: Reuters Africa. For more information, click here.