Chevron to pump $2bn into Congo-Angola oilfield

30 July 2012, Sweetcrude – Chevron plans to invest $2 billion to develop its Lianzi oilfield straddling the maritime border between Republic of Congo and Angola, a company official said.

“Production from the Lianzi field will begin in 2015 and investments will cost $2 billion,” Katia Mounthault-Tatu, a Chevron spokeswoman, told Reuters yesterday.

State revenues from the field, which holds proven reserves of 70 million barrels, will be split 50-50 between Congo and Angola, the two countries confirmed in an agreement on Friday.

Congo produced 105 million barrels of crude oil last year. Angola pumps around 1.8 million barrels per day.

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  • This is precisely the kind of investment we look forward to hearing of being made in Nigeria. Unfortunately, just like Richard Branson pointed out, Nigerian politicians are dream killers who pursue their narrow minded interests for pecuniary gains at the expense of the state.