21 June 2013

Angola and Congo Boost Exploration in Lianzi Oil Field

Brazzaville — Angola and Congo have agreed to boost a joint and equated exploration in the Lianzi oil field at the maritime border between the Angolan northern Cabinda province and the Congolese department of Kouilou.

The information is carried in the Congolese daily paper "Les Dépêches de Brazzaville", which says the decision was made within the framework of the 20th meeting that gathered on Monday in Pointe Noire, the Angolan Oil minister, José Maria Botelho de Vasconcelos, and his Congolese counterpart, André Raphaël Loemba.

The said offshore field has reserves estimated at 70 million barrels and the US company Chevron, chosen by the two countries, will invest about 2.5 billion in the exploration.

The investment was initially estimated at Usd 5.0 billion.

The source states that production might start in October 2015 and the revenues will be shared on equal terms between Angola and Congo, in the light of signed agreements.

In his turn, the executive secretary of the Inter-state Committee of Unitization of Common Interests, Jean-Dubien Ngoma, of Congo, stressed that the meeting was intended to review the project, monitor the calendar of execution and sign the minutes from the previous 18th and 19th sessions.

The accord authorising Chevron to develop the "Lianzi" project was signed by Angola and Congo in July 2012 in Brazzaville.

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