Perenco, Chevron, and Inpex will keep their jointly owned offshore block in the Democratic Republic of the Congo until November 2043.
The companies have reached a deal with the country’s government to extend the duration of the concession agreement for the Offshore D.R. Congo Block for a period of 20 years from November 21, 2023.
News of the extension was shared on Wednesday by Inpex which is engaged in the development and production of oil from the Block through its subsidiary, Teikoku Oil (D.R.Congo) Co, Ltd.
Perenco operates the block through its subsidiary MIOC with a 50 percent stake. Inpex owns 32.28 percent, with Chevron holding the remaining 17.72 percent.
The producing oil fields of the block are located off the western coast of the Democratic Republic of the Congo, where the water’s depth is approximately 4~20 meters.
Since production began in 1975, the Block has maintained a stable output for over 40 years. As of September 2017, the average production rate amounted to a cumulative total of approximately 11,000 barrels of crude oil per day from ten oil fields, Inpex said.