Chevron Corporation announced that its subsidiary Chevron Overseas (Congo) Limited will proceed with the joint development of the Moho Bilondo "Phase 1 bis" and Moho Nord projects as the company's latest deepwater developments offshore the Republic of the Congo.

"Moho Nord is among a strong queue of major capital projects that will provide Chevron with future growth," said George Kirkland, vice chairman, Chevron Corporation. "With the project, we will enhance our position in this prolific deepwater basin."

Situated approximately 46 miles (75 kilometers) offshore southwest of Pointe-Noire in water depths ranging from 1,500 to 4,000 feet (450-1,200 meters), the Moho Nord joint development is the largest-ever oil and gas project in the Republic of the Congo. The Moho Bilondo "Phase 1 bis" project includes wells tied back to an existing floating production unit with a processing capacity of 40,000 barrels of oil per day. Production in the permit area began in 2008 with the Moho Bilondo 1E development. The Moho Nord project involves a tension leg platform, a floating production unit with a processing capacity of 100,000 barrels of oil per day, and a new 50-mile (80 kilometer) pipeline to the onshore Djeno terminal.

The project is expected to cost a total of $10 billion and achieve first oil from the Moho Bilondo "Phase 1 bis" project in 2015 and first oil from the Moho Nord project in 2016. The joint development will produce 140,000 barrels per day of crude oil at its peak production in 2017.

"We are proud to partner with the Republic of the Congo to develop the nation's offshore resource potential," said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company. "Moho Nord is further indication of our commitment to West Africa where Chevron has made sizable investments."

Chevron Overseas (Congo) Limited has a 31.5 percent working interest along with Total E&P Congo (53.5 percent interest and operator) and the National Oil Company, Société Nationale des Pétroles du Congo (15 percent).