Petroleum Africa
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Friday, March 11, 2011
PA Resources reported that the improved fiscal terms for its PSC in the Republic of Congo (ROC) for the Azurite Field and the Mer Profonde Sud (MPS) license have been formally approved.
The amendment gives PA Resources a larger net entitlement share of Azurite field revenues and applies retroactively from October 2010.
The amendment on improved fiscal terms was signed between the authorities of the ROC and all the partners in the production sharing contract for the MPS license and the Azurite Field: Murphy West Africa(working interest 50%), PA Resources (W.I. 35%) and Société Nationale Petroles du Congo(W.I. 15%).
The amendment has now received the final formal approval by the Parliament of the Republic of Congo and has been sanctioned by a Presidential decree.
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