The proposed joint oil exploration between Angola and Congo Brazzaville is already producing 40,000 barrels of oil per day, the Angolan Oil Minister said in Luanda cited by newspaper Jornal de Angola.
Minister Botelho de Vasconcelos, who was speaking at the end of the 25th meeting of the joint monitoring committee, said that the planned production level had been reached and added that the operation would continue, despite the fall in oil prices, “because all variables were dealt with at an early stage.”
“Low oil prices will not cause any concern in the production level of the Lianzi field,” said Botelho de Vasconcelos, and the Congolese Minister of Hydrocarbons, Jean-Marc Thystère-Tchicaya, guaranteed that the success of this project demonstrated that it was possible for the two countries to carry out economic projects with mutual benefits.
The block in question is located in deep waters (up to 1,000 metres) in the high seas, and covers an area of 700 square kilometres between the two countries.
This field has operating costs of an estimated US$2 billion and estimates point to the existence of 70 million barrels of oil reserves.
The exploration consortium is operated by Chevron US (15.75 percent) and also includes Total E&P Congo (WCET) (26.75 percent), Cabinda Gulf Oil Company Limited (Cabgoc) (15.5 percent), Sociedade Nacional de Combustíveis de Angola (Sonangol) (10 percent), TotalFinaElf (TFE) (10 percent), ENI (10 percent), Société Nationale des Pétroles du Congo (SNPC) (7.5 percent) and Galp Energia (4.5 percent). (macauhub/AO)