News listings

energy-pedia general news

Congo (Brazzaville) flagCongo (Brazzaville)

Middle East / Africa >>> Congo (Brazzaville)

Congo (Brazzaville): Zenith Energy announces update on the Tilapia licence


20 Jul 2020

Photo - see caption

Zenith Energy has provided an update on the Tilapia licence in the Republic of the Congo which expired on July 18, 2020.

The Company confirms that the Company's subsidiary in the Republic of the Congo, Anglo African Oil & Gas Congo ('AAOG Congo'), continues to operate the Tilapia oilfield on an interim basis following the implementation of a 'Plan for the Continuation of Activities' ('PCA') agreed with the national oil authorities.

New 25-year licence for Tilapia ('Tilapia II')

The Company is pleased to announce that, in accordance with local procedures, it has submitted a comprehensive commercial and technical offer to the Ministry of Hydrocarbons of the Republic of the Congo for the award of a new 25-year licence for the Tilapia oilfield to be named 'Tilapia II'.  

In consideration of the impact of the ongoing COVID-19 pandemic, as well as the expected evaluation period for the Company's aforementioned Offer, the Company expects to receive a preliminary indication regarding the possible acceptance of the Offer within the next 30 days.

Photo - see caption
Source: Zenith Energy

Andrea Cattaneo, Chief Executive Officer of Zenith, commented:

'We are very excited about the good progress we have achieved in recent weeks in the Republic of the Congo, specifically in respect of the submission of the Offer for Tilapia II.  As is to be expected, the unprecedented world crisis presented by COVID-19 has delayed all activities, including the arranging of meetings to conduct the necessary negotiations prior to submitting the Offer.

The Tilapia asset has transformational production potential and the award of a new 25-year licence will represent the first important successful milestone in our journey in the Congo. It is our hope and expectation that we shall achieve this goal in due course.

I am also pleased to confirm that negotiations are nearing a conclusion with regards to defining a payment plan for the repayment of the US$5.3 million debt owed by Société Nationale des Pétroles du Congo to AAOG Congo.'

Original article link

Source: Zenith Energy





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 361

Completed Deals

Completed Upstream Deals: 5520

Company Profiles

Current Company Profiles: 2730

Corporate Activity

Current Corporate Activity articles: 3517

Companies Looking

Current number of articles: 440

Company Sales

Current Company Sales articles:1426

Geostudies

Current Geostudies articles: 742

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

Geoespace
Rose & Assocs 149
Government of South Australia
Bayphase
Union Jack Oil 149
OPC
energy365
KL Publishing
SLR Consulting logo
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com