ChevronTexaco sells Congo subsidiary to Perenco

ChevronTexaco Corp. has sold its wholly owned Congo subsidiary, Muanda International Oil Co. (MIOC) to a subsidiary of Perenco SA, a European independent.

Aug. 16, 2004

By OGJ editors
HOUSTON, Aug. 16 -- ChevronTexaco Corp. has sold its wholly owned Congo subsidiary, Muanda International Oil Co. (MIOC) to a subsidiary of Perenco SA, a European independent exploration and production company.

MIOC operates and holds 50% interest in a 390-square-mile concession off Congo. The concession produces 19,000 b/d of oil from seven fields.

ChevronTexaco, through ChevronTexaco Oil Congo, said it will retain an office in Kinshasa to handle ongoing Congo business and to consider potential new opportunities.