Chevron Makes Final Investment Decision on Moho Nord Joint Development Offshore Republic of the Congo
Deepwater projects are latest investment in strategic region
SAN RAMON, Calif.--(BUSINESS WIRE)-- Chevron Corporation (NYS: CVX) announced that its subsidiary Chevron Overseas (Congo) Limited will proceed with the joint development of the Moho Bilondo "Phase 1 bis" and Moho Nord projects as the company's latest deepwater developments offshore the Republic of the Congo.
"Moho Nord is among a strong queue of major capital projects that will provide Chevron with future growth," said George Kirkland, vice chairman, Chevron Corporation. "With the project, we will enhance our position in this prolific deepwater basin."
Situated approximately 46 miles (75 kilometers) offshore southwest of Pointe-Noire in water depths ranging from 1,500 to 4,000 feet (450-1,200 meters), the Moho-Nord joint development is the largest-ever oil and gas project in the Republic of the Congo. The Moho Bilondo "Phase 1 bis" project includes wells tied back to an existing floating production unit with a processing capacity of 40,000 barrels of oil per day. Production in the permit area began in 2008 with the Moho Bilondo 1E development. The Moho Nord project involves a tension leg platform, a floating production unit with a processing capacity of 100,000 barrels of oil per day, and a new 50-mile (80 kilometer) pipeline to the onshore Djeno terminal.
The project is expected to cost a total of $10 billion and achieve first oil from the Moho Bilondo "Phase 1 bis" project in 2015 and first oil from the Moho Nord project in 2016. The joint development will produce 140,000 barrels per day of crude oil at its peak production in 2017.
"We are proud to partner with the Republic of the Congo to develop the nation's offshore resource potential," said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company. "Moho Nord is further indication of our commitment to West Africa where Chevron has made sizable investments."
Chevron Overseas (Congo) Limited has a 31.5 percent working interest along with Total E&P Congo (53.5 percent interest and Operator) and the National Oil Company, Société Nationale des Pétroles du Congo (15 percent).
Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995...
This press release of Chevron Corporation contains forward-looking statements relating to Chevron's operations in Angola that are based on management's current expectations, estimates and projections about the petroleum, chemicals, and other energy-related industries. Words such as "anticipates," "expects," "intends," "plans," "targets," "forecasts," "projects," "believes," "seeks," "schedules," "estimates," "budgets," "outlook," "will supply," "will be supplied" and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are changing crude-oil and natural-gas prices; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of equity affiliates; the inability or failure of the company's joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company's net production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather or crude oil production quotas that might be imposed by the Organization of Petroleum Exporting Countries; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant investment or product changes under existing or future environmental statutes, regulations and litigation; the potential liability resulting from pending or future litigation; the company's future acquisition or disposition of assets and gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; and the factors set forth under the heading "Risk Factors" on pages 29 through 31 of the company's 2011 Annual Report on Form 10-K. In addition, such statements could be affected by general domestic and international economic and political conditions. Other unpredictable or unknown factors not discussed in this press release could also have material adverse effects on forward-looking statements.
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Jim Craig, +1-646-416-0191
KEYWORDS: Congo United States North America California Africa
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