Chevron Corporation (NYSE:CVX) announced today that its subsidiary, Chevron Overseas (Congo) Limited, has commenced oil and gas production from the Lianzi Field, located in a unitized offshore zone between the Republic of Congo and the Republic of Angola.

Located 65 miles (105 km) offshore in approximately 3,000 feet (900 meters) of water, Lianzi is Chevron’s first operated asset in the Republic of Congo and the first cross-border oil development project offshore Central Africa. The project is expected to produce an average of 40,000 barrels of crude oil per day.

“This milestone demonstrates that we continue to make steady progress on delivering major development projects,” said Jay Johnson, executive vice president Upstream,Chevron Corporation. “We have the industry’s strongest queue of major capital projects that are expected deliver significant value and production growth.”

“As the first offshore energy development spanning national boundaries in the Central Africa region, Lianzi represents a unique cooperative approach to share offshore resources and may serve as a model for the development of similar cross-border fields between two countries,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company.

The field, discovered in 2004, includes a subsea production system and a 27 mile (43 km) electrically heated flowline system, the first of its kind at this water depth. The system transports the oil from the field to the Benguela Belize–Lobito Tomboco platform in Angola’s Block 14 and utilizes a Direct Electrical Heating (DEH) system to ensure fluid flow under a wide range of conditions.

Chevron Overseas (Congo) Limited is operator of the Lianzi Field and has a 15.75 percent interest, along with its affiliate Cabinda Gulf Oil Company Limited (15.5 percent), Total E&P Congo (26.75 percent), Angola Block 14 BV (10 percent), Eni (10 percent), Sonangol P&P (10 percent), SNPC (the Republic of Congo National Oil Company – 7.5 percent), and GALP (4.5 percent). (Original Source)

Shares of Chevron are trading at $93.03, up $2.15 or 2.37%. CVX has a 1-year high of $120.17 and a 1-year low of $69.58. The stock’s 50-day moving average is $84.36 and its 200-day moving average is $91.73.

On the ratings front, Chevron has been the subject of a number of recent research reports. In a report released today, Credit Suisse analyst Edward Westlake maintained a Hold rating on CVX, with a price target of $100, which represents a potential upside of 10.0% from where the stock is currently trading. Separately, on October 21, Oppenheimer’s Fadel Gheit assigned a Hold rating to the stock .

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Edward Westlake and Fadel Gheit have a total average return of 8.4% and -21.9% respectively. Westlake has a success rate of 56.1% and is ranked #833 out of 3808 analysts, while Gheit has a success rate of 7.4% and is ranked #3807.

The street is mostly Neutral on CVX stock. Out of 9 analysts who cover the stock, 6 suggest a Hold rating and 3 recommend to Buy the stock. The 12-month average price target assigned to the stock is $97.00, which implies an upside of 6.7% from current levels.