Congo Ministry Oks SOCO's Marine XIV Farm-In
The Company announces that the Deed of Assignment, under which its subsidiary, SOCO Exploration and Production Congo S.A. ("SOCO EPC"), acquired a 29.4% Working Interest in the Marine XIV Block, offshore the Republic of Congo (Brazzaville), from PA Resources Congo S.A. ("PA Congo"), has received regulatory approval from the Government of the Republic of Congo (Brazzaville).
As previously announced, SOCO EPC has become the operator of the Block, with PA Congo retaining a 12.5% interest and the national oil company, Société Nationale des Pétroles du Congo, holding a 15% carried interest. The remaining interests are held by fellow farm-in participants and joint venture partners on the Marine XI Block, Raffia Oil SARL (21.55%) and a subsidiary of Lundin Petroleum (21.55%).
The Marine XIV Block, located in the Lower Congo Basin, is in shallow water adjacent to the Company's Marine XI Block and will complement SOCO's activity both operationally and technically. The Block comprises three discontinuous sections located in water depths ranging up to 115 meters and covers approximately 265 square kilometers. Previous exploration activity on the Block has resulted in oil discoveries.
SOCO EPC is currently acquiring 3D seismic on the Marine XIV Block which is expected to be completed during the first quarter of this year. It also expects to begin exploratory drilling on the adjacent Marine XI Block during the third quarter of 2009.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call