US-based Chevron has decided to proceed with the development of the Lianzi field located in a unitised offshore zone between the Republic of Congo and the Republic of Angola.
The company, through its subsidiary Chevron Overseas Congo, operates the field, located 65 miles (105km) offshore in approximately 3,000ft (900m) of water.
George Kirkland, Chevron Corporation vice chairman, said: "Lianzi is Chevron's first operated asset in the Republic of Congo and builds on Chevron's strong position in West Africa, one of the world's key hydrocarbon basins."
The Lianzi field, estimated to cost $2bn, will be developed via a tieback to the existing Benguela Belize Lobito Tomboco (BBLT) platform located in Angola Block 14.
Ali Moshiri, Chevron Africa and Latin America Exploration and Production Company president, said: "As the first cross-border development in the region, Lianzi represents a unique cooperative approach to shared offshore resources and may serve as a model for the development of similar cross-border fields between the two countries."
The development will include a subsea production system and a 27m (43km) electrically heated flowline to transport the oil from the field to the BBLT platform.
The project is expected to produce a maximum of 46,000 barrels of oil equivalent a day on completion and first oil from the project is expected in 2015.
Chevron Overseas Congo holds a 31.25 % interest in the project, while co-partners include Total with a 36.75 % stake; ENI and Sonangol, which each hold a ten percent interest; SNPC (the Republic of Congo National Oil Company), which has a 7.5 % stake; and GALP with a 4.5 % interest.