Petroleum Africa
Find us on: 
Tuesday, November 5, 2013
SOCO International has picked up a stake and operatorship offshore the Republic of Congo (ROC). The agreement is with PA Resources Congo SA, a wholly owned subsidiary of PA Resources AB, to farm-in to a 60% working interest in the Mer Profonde Sud permit. The Mer Profond Sud permit comprises the exploration area of the license but excludes the Azurite Field.
In return for carrying certain of PA Resources Congo SA’s costs, SOCO will assume a 60% working interest in the Mer Profonde Sud exploration area and will drill an exploration well in the remaining license period. The well will test a different structural setting and play, identified from recent seismic reprocessing and subsurface re-evaluation, from the other wells already drilled on the block and targeting similar reservoirs that produce from offsetting fields in the ROC and in Angola’s Cabinda region.
The transaction is subject to the necessary partner and regulatory approvals including both the assignment of the interest to SOCO and renewal into the third and final period of the license. Following approval, the partners would look to drill the well in 2014-2015.
Following completion of the transaction, PA Resources Congo SA will retain a 25% working interest in the license and ROC’s state oil company SNPC will retain its current 15% interest.
Ed Story, president and chief executive of SOCO, commented: “As an established operator in Congo (Brazzaville), this is a natural step for us. Using our knowledge of the basin, and the additional work from PA Resources, we were able to recognize an untested prospect in a different structural setting from that already tested. The adjacent production from the same reservoirs as we are targeting adds to our optimism about the potential of this license.”
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
