DR Congo’s offshore blocks ‘hold three million barrels of oil in place’

oil-drcOil of DRCongo, subsidiary of Fleurette Group, has announced that 3D seismic surveys over Blocks I and II in Lake Alberta have been completed and results indicate a reserve three billion barrels of oil in place

The seismic campaign covered around 700km offshore and 150km onshore. Oil of DRCongo said that it has invested in excess of US$75mn in the exploration works of the Blocks I and II so far, including around US$20mn on the seismic investigations and it was carried out by UK’s TESLA.

Oil of DRCongo has now completed the interpretation of the seismic data. The company said that the production from Lake Albert of 50,000 boepd will increase the current GDP of the DR Congo by 25 per cent.

The firm next move would be to drill two exploratory wells plus a acquiring 3D seismic campaign focused on the most complex structures identified.

The preparation phase of the drilling includes transport to the site of the drilling equipment, installation of a base camp for staff, new supply roads, a new dock on Lake Albert and a landing strip for moving personnel and equipment. The tender documents for the drilling works expect to be launched by the end of October 2014.

Giuseppe Ciccarelli, CEO of Oil of DRCongo, said, “These are very positive results from our extensive seismic campaign. We continue to believe the project has the potential to provide significant revenues and multiple other benefits to the people of the DR Congo, generating jobs, fuelling development and prosperity and contributing to social progress. We remain committed to making the investment necessary to progress the project, which has the potential to transform the DR Congo.”

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
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