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Chevron Corporation

Chevron delivers ‘first oil’ at Lianzi field

The cross-border oil field is set to produce 40,000 barrels of oil per day

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Lianzi represents a unique cooperative approach to share offshore resources, Chevron says

Chevron (NYSE:CVX)  told investors it has now achieved ‘first oil’ at the Lianzi field, a project on the borders of Republic of Congo and Angola which is set to yield 40,000 barrels of oil per day.

The American oil major’s project marks Central Africa’s first cross border offshore project, it said in a statement.

“This milestone demonstrates that we continue to make steady progress on delivering major development projects,” said Jay Johnson, Chevron executive vice president.

“We have the industry’s strongest queue of major capital projects that are expected deliver significant value and production growth.”

Meanwhile, Ali Moshiri president of Chevron Africa and Latin America, says Lianzi, which is located some 65 miles offshore in around 3,000 feet of water, represents a unique cooperative approach to share offshore resources.

He added that it may, in the future, serve as a model for the development of similar cross-border fields.

The field, which was discovered in 2004, is operated by Chevron which has a 15.75% stake alongside partners Total, Angola Block 14 BV, Eni, Sonangol P&P, SNPC and Galp.

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Price: $117.73

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Market Cap: $223.5 billion
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