Chevron Corporation CVX announced the commencement of production from the Moho Bilondo Phase 1b project, located off the coast of the Republic of Congo at a water depth of 2,400 to 4,000 feet.
Most importantly, the project is part of the Moho Nord joint development – the all-time biggest oil and gas project undertaken in the Republic of Congo.
The Moho Bilondo Phase 1b development comprises 11 wells, each of which is tied to a floating production platform. Total production from the prospect will likely be 40,000 barrels of oil every day.
Management added that the first output of crude from the Moho Bilondo Phase 1b project confirmed the success of its most recent start-up. This development is anticipated to provide value to the company in the long term.
In the Moho Bilondo permit region, Chevron Overseas (Congo) Limited – an affiliate of Chevron – has a 31.5% working interest. Total E&P Congo − a subsidiary of French oil major Total SA TOT is the operator of the prospect with 53.5 % working interest while Société Nationale des Pétroles du Congo − national oil player of the Republic of the Congo – has a 15% ownership.
San Ramon, CA-based Chevron is one of the largest publicly traded oil and gas companies in the world, based on proved reserves. It is engaged in oil and gas exploration and production, refining and marketing of petroleum products, manufacturing of chemicals, and other energy-related businesses.
Chevron currently carries a Zacks Rank #3 (Hold), implying that it will perform in line with the broader U.S. equity market over the next one to three months.
Meanwhile, some better-ranked players in the energy sector include Energy Transfer Equity LP ETE and Boardwalk Pipeline Partners, LP BWP. Both these stocks sport a Zacks Rank #1 (Strong Buy).
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