Inpex and partners Muanda International Oil Company (MIOC) and Chevron have been given a 20-year extension for a concession agreement on a block offshore Congo.
The agreement, with the government of the Democratic Republic of the Congo, will extend the duration of the concession agreement for the D.R. Congo Block for 20 years from 21 November 2023 to 21 November 2043.
Inpex says it is engaged in the development and production of oil from the Block through its subsidiary, Teikoku Oil (D.R.Congo) Co.
The producing oil fields of the block are off the western coast of Congo, in 4-20m water depth. Since production started in 1975, the block has maintained a stable output for more than 40 years.
As of September 2017, the average production rate amounted to a cumulative total of approximately 11,000 b/d from 10 oil fields.
The 20-year extension of the concession agreement is expected to increase the volume of production and reserves from the block attributed to INPEX, and contribute to the company’s pursuit of the continuous enhancement of exploration and production activities, which is positioned as one of three growth targets outlined in the company’s “Medium- to Long-Term Vision.”