Chevron, the second-largest U.S. oil company, and Petrobras, Brazil's state-run oil producer, are in talks with the government of the Democratic Republic of Congo about making investments in the African nation's burgeoning oil industry, according to Oil Minister Celestin Mbuyu.
California-based Chevron (CVX) and Congo are discussing gas production and treatment plans that may feed into the company's projects in neighboring Angola, Africa's second-largest oil-producing country, Bloomberg News reported. Petrobras (PBR) are expected to visit Congo in the coming weeks to discuss potential investments.
The country currently produces about 25,000 barrels of oil per day and is looking for foreign investors to help increase that number. Congo plans to increase output through drilling near its eastern borders with Tanzania, Burundi, Rwanda and Uganda, as well as in its central basin and along the western coast bordering Angola, Bloomberg reported.
Chevron said it already holds an almost 18% stake in an offshore exploration block off Congo's coast and Petrobras is expected to help the country with its expertise in developing oil blocks in rain forest regions.