Democratic Republic of Congo extends Total E&P license in the Albertine Graben

Democratic Republic of Congo Block III operator Total E&P has reported that its application to the Ministry of Hydrocarbons of the Democratic Republic of Congo for an extension of the current license has been successful with the latter granting a two year addition.

The current license period on the Block located in the north-eastern part of the country part of the East African Rift System bordering Uganda, where over 6.5 billion barrels have been discovered, was awarded in 2010 expires in January . Total E&P is also a partner on the Uganda side alongside Tullow Oil (operator) and CNOOC where the three are currently on the development stage with the export pipeline currently taking the center stage even as the East African country seeks to award more licenses in the under explored basin.

The extension which takes effect after the expiry of the current license period awarded in 2010 and expires in January 2016.

The extension thus commences as from January 27th 2016 to January 2018 according to Total E&P will allow the completion the acquisition and processing of 2D seismic data.

Total which entered the Democratic Republic of Congo in 2012 as an explorer together with its joint venture partners have successfully completed the acquisition and processing of a gravity and magnetic survey on the northern part of the Block III area, outside the contentious Virunga National Park.

Prospective resources as certified by Bayphase Limited as detailed in the competent person’s report completed in May 2012 places the best estimate in the Block at 16MMBOE

Total E&P holds 66.66% interest, Semliki SARL (SacOil 68% and DIG 32%) 18.3%, while the DRC Government holds the remaining 15% interest in the 3 177 square kilometres Block III.