Total gets oil exploration license from Congo Government
The oil minister Aime Ngov Mukena has emphasized that Total must meet the objectives that must include drilling program before the expiry of the new permit
Total SA got a one-year extension for oil exploration from the Democratic Republic of Congo along the Ugandan border.
The oil minister Aime Ngov Mukena has emphasized that Total must meet the objectives that must include drilling program before the expiry of the new permit. The company is expected to set a plan for oil production export in the future through a pipeline that will connect Uganda's oilfields to Tanzania's coast.
In March 2011, the French oil giant got interested in Block 3 in eastern Congo.
For oil exploration project, on the Uganda side of the border, Total has a controlling stake in partnership with China's Cnooc Ltd and London based Tullow Oil Plc.
In August, by the second half of the year, the Standard Bank Group Ltd's Ugandan has planned to raise USD 3 billion for a 1,445 pipeline. This line will ship oil to the country via Tanzania and the Indian Ocean. The government of Uganda's expectation says that Tullow, Cooc, and Total shall start pumping by 2021
The current production of oil from Congo is about 22,500 barrels per day. The government is pressing for a production boost by issuing new licenses for onshore in the center and east of the country and passing a new oil law in 2015, but the progress has been slow.
According to a 2013 briefing note by Norton Rose Fulbright, the Oil reserves are approximately 6 percent of total Africa's oil reserve and has "Significant development potential".
Congo currently produces about 22,500 barrels per day from aging oil blocks on the Atlantic Ocean coast. The government had planned to boost production by issuing new onshore licenses in the center and east of the country and passing a new oil law in 2015, but progress has been slow.
Congo may hold as much as 6 percent of Africa's oil reserves and has "significant development potential," according to a 2013 briefing note by Norton Rose Fulbright.