CHEVRON Corporation, the parent owners of Chevron Nigeria Limited, one of the major Upstream operators in Nigeria has announced the discovery within the Moho-Bilondo license in the Moho Nord Marine-4 well, in which Chevron Overseas (Congo) Limited holds a 31.5 per cent interest. The oil block is located approximately 46 miles (75 kilometres) offshore Republic of Congo, in 3,537 feet (1,078 metres) of water in the northern part of the Moho-Bilondo license.
George Kirkland, Chevron executive vice-president, Global Upstream and Gas, said, “This exciting discovery emphasizes the future potential of this region in which Chevron and its partners have already made significant energy investments, including the Moho-Bilondo project.”

Moho Nord Marine-4 well was drilled to a total depth of 13,907 feet (4,239 metres) and proved a 535 foot (163 metre) column of high quality oil flowing at 8,100 barrels per day.

The discovery follows two previous successful exploration wells, Moho Nord Marine -1 and 2, drilled in the permit area in 2007, and the positive appraisal well Moho Nord Marine-3 in 2008.

The permit area’s deepwater Moho-Bilondo project, which began production April 2008, consists of subsea well clusters that flow into a floating processing unit. Maximum total daily production of 90,000 barrels of crude oil is expected in 2010.

Chevron’s partners on the permit area are Société Nationale des Pétroles du Congo (15 percent) and Total E&P Congo (operator and 53.5 percent).

Chevron Corporation is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company’s success is driven by the ingenuity and commitment of approximately 62,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels and other renewables. It would be recalled that the oil giant also operates the Agbami oil field offshore Nigeria which is one of the largest in the world, with a capacity to produce about 220,000 barrels of crude oil per day.