SAN RAMON -- Chevron said Monday that it will proceed with a new offshore oil field in the ocean between Republic of Congo and Republic of Angola.
A Chevron unit will develop the Lianzi Project offshore from western Africa. The project is located 65 miles off the coast in about 3,000 feet of water.
"Lianzi is Chevron's first operated asset in the Republic of Congo and builds on Chevron's strong position in West Africa, one of the world's key hydrocarbon basins," Chevron Vice Chairman George Kirkland said.
San Ramon-based Chevrno said the deepwater project has a $2 billion cost. The first oil is due in 2015. Once complete, the project should produce a maximum of 46,000 barrels of oil equivalent per day.
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