Eni Enters Congo With 55% in Ndunda Block

Source: www.gulfoilandgas.com 8/17/2010, Location: Africa

Italy's oil and gas major Eni SpA is entering the Democratic Republic of the Congo under an agreement signed with UK-based oil exploration company Surestream Petroleum, envisaging acquisition of a 55% stake and operatorship in the Ndunda block.

The block is situated onshore the Bassin Cotier scarcely-explored region of the prolific Lower Congo Basin.

The remaining 45% of the block is held by Surestream RDC Sarl, an owner of a 30% interest, Congo's state-owned COHYDRO with 8% and local firm International Business Oil (IBOS) SPRL with 7%.

The acquisition follows the strategic agreement for cooperation in the development of the country's oil resources, signed between Eni and the Democratic Republic of the Congo in August 2009.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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