Chevron Corp. (NYSE: CVX) subsidiary Chevron Overseas (Congo) Ltd. will proceed with the joint development of the Moho Bilondo "Phase 1 bis" and Moho Nord projects offshore the Republic of the Congo with Total, operator of the Moho-Bilondo license.
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.
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 11 subsea 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 development of Moho Nord marks another milestone in Total’s long established presence in the Republic of the Congo and leverages our demonstrated expertise in successfully managing major projects, especially in the deep offshore. The launch enhances visibility on Total’s production growth objective,” commented Yves-Louis Darricarrère, President of Total Upstream.
The installations have been designed to limit environmental impact. Measures include eliminating flaring under normal operating conditions and reinjecting all produced water.
“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.”
Total E&P Congo, the Group’s wholly owned subsidiary, operates the Moho Bilondo license with a 53.5% interest, alongside state-owned Société Nationale des Pétroles du Congo (15%) and Chevron Overseas Congo (31.5%).
