Republic of Congo: Two discoveries in the Moho-Bilondo Permit

Chevron confirms the discovery of two new major oil accumulations in the northern part of the Republic of Congo Moho-Bilondo permit, situated some 80 kilometers offshore and in a water depth of 1,000 meters.

Two wells, Moho-Nord Marine 1 & 2 drilled in late 2006 and early 2007 by operator Total E&P, Congo, encountered 140 meter and 100 meter oil columns respectively, in good quality sandstone reservoirs of Miocene age. Evaluation and development option studies have been commenced by the operator.

The Moho-Bilondo project received development approval in August 2005 and comprises of sub-sea wells tied back to a floating production unit with export via the onshore Djeno terminal. Production is scheduled to begin in 2008.

Partners in the Moho-Bilondo permit are: Chevron Overseas Congo Ltd. 31.5%, Total E&P Congo, operator, 53.5% and Societe Nationale des Petroles du Congo (SNPC) 15%.

Chevron Overseas Congo holds interests in the Moho-Bilondo and Nkossa permits operated by Total and the Marine VII permit, operated by ENI. Chevron Congo is operator of the joint Congo/Angola 14K/A-IMI (Lianzi) Unit.