Chevron begins look for buyers for Congo assets
BRAZZAVILLE, May 25, 2023 – Chevron has begun the sale process for its oil and gas assets in the Republic of Congo, Reuters reported on Thursday.
Chevron holds a 31.5% non-operating share of the Haute Mer concession, which includes the Nkossa, Nsoko, Moho and Bilondo fields.
The energy player also holds a 31.3% operating share in the Lianzi Unitization Zone that is shared between Angola and the Republic of Congo.
The Lianzi play is Chevron’s first operated asset in the Republic of Congo.
The project includes production and water-injection wells with a subsea tie-back to the Benguela Belize-Lobito Tomboco platform located in Block 14 in Angola.
Reuters’ sources estimate the sale Chevron’s shares in the country could amount to USD 1.5 billion.
The company produced 49,000 boepd from its assets in the Republic of Congo in 2020, which fell to 31,000 boepd in 2022.
Production from the two plays represented 10% of Chevron’s overall production in Africa in 2022.
The company did not comment on the sales process.