OilVoice - Eni Enters DR Congo Through Acquisition of 55% of the Ndunda Block

Eni Enters DR Congo Through Acquisition of 55% of the Ndunda Block

Tuesday, August 17, 2010

Eni has entered the Democratic Republic of Congo by signing a farm-in agreement with UK-based Surestream Petroleum to acquire 55% and operatorship in the Ndunda block.

The block is located in the 'Bassin Côtier' along a still scarcely explored onshore region of the prolific Lower Congo Basin.

Partnership is composed by Eni (55%, Op.), Surestream RDC Sarl (30%), the State-owned company COHYDRO (8%) and Ibos Sprl (7%).

This Agreement, which has already been sanctioned by the country's Authorities, follows the signature in August 2009 of the Strategic Cooperation Agreement between Eni and the Democratic Republic of Congo to develop the Country's hydrocarbon resources. The deal will allow Eni to immediately start performing all studies and interpretation to thoroughly evaluate the block.

Through this acquisition, Eni further strengthens its presence in the Sub-Saharan region where it is already present in Nigeria, Gabon, Congo Brazzaville, Angola, Ghana and Mozambique with successful exploration and an operated, overall production in excess of 450,000Boe/d.

In the same region, Eni is also engaged in numerous social, medical, agricultural and sustainability projects including gas power production.

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