Petroleum Africa
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Thursday, December 7, 2017
INPEX and its partners Muanda International Oil Company (MIOC) and Chevron reached an agreement with the government of Democratic Republic of Congo to extend the duration of the concession agreement for the Offshore DR Congo Block. The extension is for a period of 20 years, taking the partners from November 21, 2023 to November 21, 2041.
INPEX participates on the block through its subsidiary Teikoku Oil.
The producing oil fields of the block are located off the western coast of the DRC, where the water’s depth is approximatelyfour to 20 meters. Since production began in 1975, the block has maintained a stable output for over 40 years. As of September 2017, the average production rate amounted to a cumulative total of around 11,000 bpd from 10 oil fields.
The 20-year extension of the concession agreement is expected to increase the volume of production and reserves from the block
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