Chevron Approaching Production-Sharing Deal Closure With Angola And Congo: Report

Chevron Corp CVX is nearing finalizing a production-sharing deal with Angola and the Democratic Republic of Congo for operating their shared offshore oil block.
A spokesman for Chevron declined to comment on the news.
Both parties can meet this month to discuss the block development known as both 14c and the common interest zone, stated Congolese Oil Minister Didier Budimbu Ntubuanga, Bloomberg reports.
Angola’s state-owned Sonangol EP told Bloomberg that the Angola National Agency of Petroleum, Gas, and Biofuels had taken over as national concessionaire in the partnership, which is equally split between the two countries.
Oil production from the block is expected to start as early as two years after the deal’s signing.
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Price Action: CVX shares traded higher by 0.27% at $170.28 premarket on the last check Thursday.