Global Processing

Italy''s Eni Will Take Share in Congo Oil Block

August 17, 2010
According to Reuters, Italian oil and gas group Eni has signed a deal to take a share in an oil block in the Democratic Republic of Congo. A slew of deals has raised interest in Congo''s oil prospects in recent months. Eni first signaled its interest in the vast country''s largely unexplored oil reserves last year. "Eni enters the Democratic Republic of Congo by signing a farm-in agreement with UK-based Surestream Petroleum to acquire 55 percent and operatorship in the Ndunda block," Eni said in a statement released in Milan. The Ndunda block lies in the country''s western Bas-Congo province, which produces the country''s only oil so far -- about 25,000 barrels per day, mostly from French independent Perenco''s operations. In its statement, Eni said the acquisition further strengthens its presence in the Sub-Saharan region, where it has an overall production in excess of 450,000 barrels of oil equivalent per day.