Soco Secures Four Permits Offshore Congo

UK-listed explorer Soco said November 16 that its applications for a 25-year exploitation permit (PEX) over three areas has now been adopted by the Republic of Congo (Brazzaville) government.

The permit is awaiting publication in the country's Official Gazette. The three areas are Viodo, Lideka and Loubana. 

The three areas are in the shallow water Marine XI permit, operated by Soco, which expired at the end of March 2017 following a one-year extension. They are in addition to the Lidongo PEX, also formerly part of Marine XI, which was validated September 26 2016 by the government and took effect October 6 when published in the gazette.  

Soco holds a 40.39% interest in and will operate all four areas (Lidongo, Viodo, Lideka and Loubana). Partners in all permits include state-owned Petrovietnam 8.5% and two smaller independents World Natural Resources 23% and Africa Oil & Gas 13.11%. Soco said it will assess the future programme in line with wider strategy and update the market in due course.

Eni is a major oil producer offshore Congo (Brazzaville) and supplies some associated gas to onshore power generation. Looking forward, a small independent NewAge is looking to develop a floating LNG project offshore the country with an ambitious start-up target date of 2022. 

In nearby Angola, Soco holds a 17% interest in the Cabinda North Block onshore PSA licence in the Angolan enclave Cabinda. Its other interests are offshore Vietnam.

Mark Smedley