Petroleum Africa
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Tuesday, May 20, 2008
Eni has entered into a deal in the Republic of Congo (ROC), which will entail spending about $3 billion over the next three years. The deal was signed on May 19 and has Eni participating in a tar sands project in the West African country.
The agreement is for the exploration and exploitation of non-conventional oil in tar sands in the Tchikatanga and Tchikatanga-Makola licenses. According to Eni, the area shows enormous potential. Preliminary studies conducted on a 100 sq km area estimate recoverable reserves at between 2.5 billion barrels unrisked and 500 million barrels risked.
The agreement allows the Italian firm to take full advantage of proprietary Eni Slurry Technology (EST) for improvement of the quality of heavy oils.
The project will also benefit from synergies resulting from the close proximity of the M’Boundi oilfield. Gas associated with oil production in this area can also be used to supply the EST plant and enrich the heavy oil, while achieving the goal of reducing atmospheric emissions under the Kyoto protocol.
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