Angola and Republic of Congo launch joint oil production

31 March 2015

The output of oil in block 14, involving Angola and the Republic of Congo, is due to start this year and is expected to reach 36,000 barrels of oil per day, said in Luanda Angola’s Oil Minister.

Minister Botelho de Vasconcelos was speaking Monday, during a visit by Congolese President Denis Sassou Nguesso, to Angola, during which the joint exploration of hydrocarbons will be addressed, such as the case of the Lianzi field.

The block in question is located in deep waters (up to 1,000 metres), out at sea, and covers an area of ​​700 square kilometres, between the two countries.

“There is oil on the Angolan side, as well as on the Congo side, and a decision was made for a joint operation in which funding will be split [50% for each country],” Botelho de Vasconcelos told journalists, referring to the agreement signed by the two states in 2011.

The project for this production field is estimated at US$2 billion and estimates in 2012 pointed to the existence of 70 million barrels of oil.

This consortium is operated by Chevron US (15.75 percent) and also includes Total E & P Congo (TEPC) (26.75 percent), Cabinda Gulf Oil Company Limited (Cabgoc) (15.5 percent), Sonangol (10.0 percent), TotalFinaElf (TFE) (10.0 percent), ENI (10.0 percent), Société Nationale des Pétroles du Congo (CRS) (7.5 percent) and Galp Energia (4.5 percent). (macauhub/AO)