Chevron strikes oil in wells off Congo coast

Tuesday, January 25, 2011

SAN RAMON, Calif. (AP) — Chevron Corp. said Tuesday that it has hit oil in two wells in the Atlantic Ocean about 40 miles off the coast of the Republic of Congo. The wells, in 2,600 feet of water, were drilled to about 6,000 feet, and each was tested and oil flowed, the company said in a statement. "These discoveries further demonstrate the potential of West Africa where Chevron has made significant investments to develop new energy resources," company Vice Chairman George Kirkland said.

The wells are in the Moho-Bilondo permit area. A Chevron subsidiary holds a 31.5 percent stake in the permit area and is in a partnership with Société Nationale des Pétroles du Congo and Total E&P Congo. Production in Moho-Bilondo began in April 2008 and is currently producing 90,000 barrels of crude oil a day, the company said. Shares of Chevron fell 2 cents to close earlier at $94.08.

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