American oil giant, Chevron Corp. has revealed plans to invest $2 billion to develop its Lianzi oilfield, which holds proven reserves of 70 million barrels and is located in the Angola-Republic of Congo cross border.
According to a Reuters report, Chevron spokeswoman Katia Mounthault-Tatu said: “Production from the Lianzi field will begin in 2015 and investments will cost $2 billion”
Congo and Angola have also signed an agreement confirming a 50-50 revenue sharing formula for proceeds from the oil field which is straddled between both country’s maritime borders.
Angola is one of the fastest-growing economies in the world and a leading oil producer in Africa. The country pumps around 1.8 million barrels per day while Congo produced 105 million barrels of crude oil last year.