Chevron Sanctions the Lianzi Project Offshore Angola and the Republic of Congo
$2.0 billion cross-border deepwater project will tie back to existing
Chevron development
Chevron Corporation (NYSE: CVX) announced that its subsidiary will
proceed with the development of the Lianzi field located in a unitized
offshore zone between the Republic of Congo and the Republic of Angola.
Located 65 miles (105 km) offshore in approximately 3,000 feet (900
meters) of water, the Lianzi field will be developed via a tieback to
the existing Benguela Belize Lobito Tomboco (BBLT) platform located in
Angola Block 14.
'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,? said George Kirkland, vice chairman, Chevron
Corporation.
'As the first cross-border development in the region, Lianzi represents
a unique cooperative approach to shared offshore resources and may serve
as a model for the development of similar cross-border fields between
the two countries,? said Ali Moshiri, president of Chevron Africa and
Latin America Exploration and Production Company.
The $2.0 billion development will include a subsea production system and
a 27 mile (43 km) electrically heated flowline - the first of its kind
at this water depth - to transport the oil from the field to the BBLT
platform. First oil is expected in 2015. Once completed, the project is
expected to produce a maximum of 46,000 barrels of oil equivalent per
day.
Chevron Overseas Congo Limited is operator of the Lianzi field and has a
31.25 percent interest, along with Total (36.75 percent), ENI (10
percent), Sonangol (10 percent), SNPC (the Republic of Congo National
Oil Company ? 7.5 percent), and GALP (4.5 percent).
Chevron is one of the world′s leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company′s success is
driven by the ingenuity and commitment of its employees and their
application of the most innovative technologies in the world. Chevron is
involved in virtually every facet of the energy industry. The company
explores for, produces and transports crude oil and natural gas;
refines, markets and distributes transportation fuels and other energy
products; manufactures and sells petrochemical products; generates power
and produces geothermal energy; provides energy efficiency solutions;
and develops the energy resources of the future, including biofuels.
Chevron is based in San Ramon, Calif. More information about Chevron is
available at www.chevron.com.
Some of the items discussed in this press release are forward-looking
statements about Chevron's activities. Words such as 'anticipates,'
'expects,' 'intends,' 'plans,' 'targets,' 'forecasts,? 'projects,'
'believes,' 'seeks,' 'schedules,' 'estimates,' 'budgets,' 'outlook? and
similar expressions are intended to identify such forward-looking
statements. The statements are based upon management's current
expectations, estimates and projections; are not guarantees of future
performance; and are subject to certain risks, uncertainties and other
factors, some of which are beyond the company's control and are
difficult to predict. Among the factors that could cause actual results
to differ materially are changes in prices of, demand for and supply of
crude oil and natural gas; actions of competitors; continued development
of the field; the potential disruption or interruption of production and
development activities due to war, accidents, political events, civil
unrest, or severe weather; government-mandated sales, divestitures,
recapitalizations and changes in fiscal terms or restrictions on scope
of company operations; and general economic and political conditions.
The reader should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Unless legally required, Chevron undertakes no obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
U.S. Securities and Exchange Commission (SEC) rules permit oil and
gas companies to disclose only proved reserves in their filings with the
SEC. Certain terms, such as 'resources,' 'oil in place,' 'recoverable
resources,' 'oil-equivalent resources,' 'potentially recoverable
volumes' and 'recoverable oil,' among others, may be used in this press
release or other public disclosures that are not permitted to be used in
filings with the SEC.
Chevron Corporation
Kurt Glaubitz, San Ramon, +1-925-790-6928
