ChevronTexaco Sells Congo Subsidiary

ChevronTexaco confirmed the sale of its wholly owned subsidiary, Muanda International Oil Company (MIOC), in the Democratic Republic of Congo (DRC) to a subsidiary of Perenco (RDC) SA, a European independent exploration and production company. The sale closed on July 1, 2004.

MIOC holds a 50 percent interest in, and is operator of, the DRC's 390-square-mile offshore concession, from which a total of approximately 19,000 barrels of oil per day is currently produced from seven fields. The other concession partners are Teikoku, with 32.28 percent, and ODS Ltd., with 17.72 percent.

ChevronTexaco, through its subsidiary ChevronTexaco Oil Congo S.A.R.L., will retain an office in Kinshasa to handle ongoing business in the DRC and to consider potential new opportunities.

Commenting on today's announcement, George Kirkland, president of ChevronTexaco Overseas Petroleum, said: "This is the latest in a number of sales we have completed around the world as part of our drive to further enhance the quality of our portfolio and allow us to refocus resources and capital on core properties and future opportunities -- including those in other parts of Africa -- that can add the most value to ChevronTexaco."

Outlining ChevronTexaco's continued commitment to Africa, Kirkland went on to describe how, over the next five years, the company and its partners are set to invest more than $20 billion in Africa-related energy projects: "Africa remains an area of major strategic importance to ChevronTexaco and forms an integral part of our growth plans," he said.

Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours