Chevron Corporation (NYSE:CVX) confirmed that its subsidiary, Chevron Overseas (Congo) Limited, and partners have started production from the deepwater development Moho Bilondo Phase 1b offshore the Republic of Congo.

Located approximately 46 miles (75 km) off the coast of Pointe-Noire in water depths ranging from 2,400 to 4,000 feet (750 to 1,200 meters), Moho Bilondo Phase 1b is part of the Moho Nord joint development project, the largest-ever oil and gas project undertaken in the Republic of Congo. The Moho Bilondo Phase 1b project includes 11 wells tied back to an existing floating production unit and is expected to produce a total of 40,000 barrels of oil per day.

“First oil from the Moho Bilondo Phase 1b development is the latest successful start-up in our diverse portfolio of deepwater projects, which we expect to generate value for years to come,” said Jay Johnson, executive vice president Upstream, Chevron Corporation.

“The successful development of Phase 1b demonstrates our ongoing commitment to the Republic of Congo and is a testament to industry and government cooperation,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company. “The project integrates the unique skills and expertise of multiple partners to deliver challenging projects and new energy production.”

The Phase 1b development targeted reserves in the southern portion of the Moho Bilondo permit area. The Moho Nord subsea development, which will be the second phase of the Moho Nord joint development project, is in the northern part of the area.

The Moho Nord development project involves a tension-leg platform, a floating production unit with a processing capacity of 100,000 barrels of oil per day, and a 50-mile (80-kilometer) pipeline to the onshore Djeno Terminal.

Chevron Overseas (Congo) Limited has a 31.5 percent working interest in the Moho Bilondo permit area, along with Total E&P Congo (53.5 percent working interest and operator) and the national oil company, Société Nationale des Pétroles du Congo (15 percent working interest). (Original Source)

Shares of Chevron closed yesterday at $89.3, up $1.70 or 1.94%. CVX has a 1-year high of $114.45 and a 1-year low of $69.58. The stock’s 50-day moving average is $90.46 and its 200-day moving average is $87.89.

On the ratings front, Chevron has been the subject of a number of recent research reports. In a report issued on December 2, J.P. Morgan analyst John Royall maintained a Buy rating on CVX. Separately, on the same day, Citigroup’s Faisel Khan upgraded the stock to Buy and has a price target of $110.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, John Royall and Faisel Khan have a total average return of 16.7% and 14.6% respectively. Royall has a success rate of 50.0% and is ranked #1488 out of 3638 analysts, while Khan has a success rate of 73.8% and is ranked #297.

Overall, one research analyst has rated the stock with a Sell rating, 5 research analysts have assigned a Hold rating and 5 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $102.00 which is 14.2% above where the stock closed yesterday.