Chevron Overseas (Congo), a subsidiary of US-based multinational energy company Chevron, will undertake joint development of the Moho Bilondo "Phase 1 bis" and Moho Nord projects, offshore of the Republic of the Congo.
The Moho Nord joint development is located about 46 miles (75km) offshore, south-west of Pointe-Noire in water depths of between 1,500 and 4,000 feet (450-1,200 metres).
Chevron said it is the largest ever oil and gas project in the Republic of the Congo.
The Moho Bilondo "Phase 1 bis" project involves wells tied back to an existing floating production unit, which has a processing capacity of 40,000 barrels of oil per day.
In 2008, production in the permit area commenced with the Moho Bilondo 1E development. The Moho Nord project includes a tension leg platform, which is a floating production unit with a processing capacity of 100,000 barrels of oil per day; and a new 50 mile (80km) pipeline to the onshore Djeno terminal.
The project, which is expected to cost nearly $10bn, will produce 140,000 barrels per day of crude oil at its peak production, scheduled for 2017.
First oil flow will start from the Moho Bilondo "Phase 1 bis" project in 2015, while first oil from the Moho Nord project will start in the subsequent year.
Chevron vice chairman, George Kirkland, said that Moho Nord is one of the major capital projects that will provide the company with future growth.
"With the project, we will enhance our position in this prolific deepwater basin," Kirkland added.
Chevron Africa and Latin America Exploration and Production Company president, Ali Moshiri, said: "Moho Nord is further indication of our commitment to West Africa where Chevron has made sizable investments."
Chevron Overseas (Congo) holds 31.5% working interest in the project, where Total E&P Congo, the operator, has 53.5% interest. The remaining 15% is held by The National Oil Company, Société Nationale des Pétroles du Congo.
Image: The Moho Nord joint development is about 46 miles offshore of Pointe-Noire, Republic of the Congo. Photo courtesy of Chevron.