Chevron to develop deepwater Lianzi field offshore Congo/Angola

Chevron Corp. (NYSE:CVX) will go ahead with the development of Lianzi field offshore between the Republic of Congo and the Republic of Angola.

Offshore staff

SAN RAMON, California –Chevron Corp. (NYSE:CVX) will go ahead with the development of Lianzi field offshore between the Republic of Congo and the Republic of Angola. Estimated development cost is $2 billion.

The development will include a subsea production system and a 27 mi (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 boe/d.

Located 65 mi (105 km) offshore in approximately 3,000 ft (900 m) of water, Lianzi will be developed via a tieback to the existing Benguela Belize Lobito Tomboco (BBLT) platform in Angola block 14.

Chevron Overseas Congo Ltd. is operator of the Lianzi field and has a 31.25%, along with Total (36.75%), ENI (10%), Sonangol (10%), SNPC (the Republic of Congo National Oil Co. (7.5%), and GALP (4.5%).

7/30/2012

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