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DRC: The Italian oil group strengthens its presence in the sub-Sahel
The agreement was signed with British Petroleum SureStream, which transferred to Eni the majority of the oil block and the role of operator.
SureStream Petroleum now holds 30% stake, two other companies, Cohydro (8%) and Ibo (7%), controlling the remaining shares of Ndunda block, located onshore along the “Coastal Basin”, yet considered as unexplored region of the Lower Congo” , Eni said.
“The block is very large. We are talking about over 1,100 km². It is difficult to say today what will be the final result, but we can rely on an assumption of at least several hundred million barrels”, Eni’s top management CEO, Paolo Scaroni, declared, before adding: “We are the first major company to enter the Democratic Republic of Congo.
This agreement allows the Italian group to strengthen its presence in the sub-Sahel. The DRC is the last stage of Eni’s strategic expansion in the region, after Nigeria, Gabon, Congo, Angola, Ghana and Mozambique for a total production of 450,000 barrels of oil equivalent.