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Wednesday 23 June 2021
HomeNewsCongo, Angola to jointly exploit Lianzi oil field

Congo, Angola to jointly exploit Lianzi oil field

 Congolese and Angolan government officials rose from their meeting in Pointe-Noire Tuesday, agreeing to jointly exploit their common oil field in Lianzi, situated at the maritime border between the two countries, a communiqué released here Wednesday by the Congolese ministry of Hydro-fuel has indicated.

Officials of the oil company, Chevron, which the Congo Hydro-fuel minister, Andre Raphael Loemba, and his Angolan counterpart, Jose Maria Botelho, have contracted to exploit the oil field, attended the meeting at which some issues were discussed before production can begin in October 2015.

The cost of exploitation of the field is estimated at US$ 2.5 billion.

Under the agreement, profits earned from the exploitation will be be shared equally between both countries.

Lianzi is endowed with an offshore oil reserve estimated at some 70 million barrels

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