Chevron Finds Oil Off The Republic Of The Congo

By San Francisco Business Times

Chevron Corp. confirmed on Tuesday that it found oil about 40 miles off the coast of the Republic of the Congo.

The Republic of the Congo lies north of the Congo River and is sometimes known as Congo-Brazzaville, after its capital, to distinguish it from the Democratic Republic of the Congo, its neighbor, the vast nation once called Zaire.

San Ramon-based Chevron (NYSE: CVX) has invested a lot of money in the area, where potential oil deposits lie under bits of the ocean belonging to both Congos and to Angola, which has an enclave just north of the river called Cabinda.

Wells were drilled in this particular find, in the Moho-Bilondo license area, under half a mile of water and down to a total depth of about 6,000 feet.

Chevron and partners Societe National des Petroles du Congo and Franceâ¿¿s Total SA (NYSE: TOT) struck oil in two different wells.

Chevron has a 31.5 percent interest in this permit area. Total, which is the operator there, has a 53.5 percent stake.

Copyright 2011 American City Business Journals

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