ENI HAS SIGNED a deal to take a share in an oil Block in the Democratic Republic of Congo, marking its entry into the country and strengthening its position in Africa.
p style="margin-bottom: 0cm;">ENI HAS SIGNED a deal to take a share in an oil Block in the Democratic Republic of Congo, marking its entry into the country and strengthening its position in Africa.
A slew of deals has raised interest in Congo's oil prospects in recent months. Eni first signalled its interest in the vast country's largely unexplored oil reserves last year, and has now signed a farm-in agreement with UK-based Surestream Petroleum to acquire 55 per cent and operatorship in the Ndunda block.
The block is located in the Bassin Côtier along a still scarcely explored onshore region of the prolific Lower Congo Basin.
This Agreement, which has already been sanctioned by the country's Authorities, follows the signature in August 2009 of the Strategic Cooperation Agreement between Eni and the Democratic Republic of Congo to develop the Country's hydrocarbon resources. The deal will allow Eni to immediately start performing all studies and interpretation to thoroughly evaluate the block.
State-run Cohydro and local company International Business Oil SPRL (IBOS) retain eight and seven per cent, respectively.