SOCO Farms-out Congo's Marine XI to PetroVietnam

SOCO International has farmed out a stake in its Marine XI Block offshore the Republic of Congo. Under the farm-out agreement, Petrovietnam will gain an 8.5% stake in the block with SOCO retaining operatorship and a 29% interest. The farm-out is subject to the approval of the Congolese government and any third party preferential rights, and certain obligations of Petrovietnam.

The Block is located in the shallow waters of the Lower Congo Basin with water depths ranging up to 110 meters covering approximately 1,400 sq km. The Marine XI consortium expects to tender around mid-year for a multi-well drilling program which is likely to commence in H2 2008.

Other partners on the block are Lundin Marine SARL with 18.75%, Raffia Oil SARL holds 18.75%, Congo’s national oil company Société Nationale des Pétroles du Congo has a 15% stake,  and Africa Oil & Gas Corp. holds 10%.

Ed Story, President and Chief Executive of SOCO, commented: “We have worked very closely with Petrovietnam for many years and are, therefore, pleased that we can assist in expanding their international presence to West Africa.”