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Dan Gertler, the Israeli billionaire and founder of the Dan Gertler International (DGI) Group of Companies, is looking for partners to help develop oil blocks in the Democratic Republic of Congo (DRC), after recently completed seismic studies seemed to discover large deposits of oil.
Giovanni Pedaci, the director of Oil of DR Congo (one of Dan Gertler’s companies), explained that they have just finished a geological survey of the land beneath Lake Albert, on the border of Uganda and the DR of Congo, and have found as much as two billion barrels of liquid hydrocarbon. The company now needs to perform test drills to better determine how much oil exists in the formation.
Lake Albert. The black line shows the border with the Democratic Republic of Congo to the left, and Uganda to the right.
Pedaci explained that they are now looking for partners to continue the work, because “to develop a reservoir so big is capital intensive -– two, three, four billion dollars. My shareholders are looking for some people to share the risk.”
Tullow Oil Plc., of the UK, has already found a field containing over a billion barrels of crude oil in the Ugandan section of the lake, and Pedaci claims that this new discovery is an exact mirror image of Tullow’s field.
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Oil of DR Congo’s seismic exploration took eight months, and covered 470 square kilometres of land and water. Pedaci has stated “already we’ve found a lot of oil.”
During the exploration and survey of the region, Oil of DR Congo experienced lots of delays due to problems caused by rebel groups operating in the area, unexploded ordnance left over from one of the Congo Wars, and border disputes with Uganda.
FuelFix claims that in April the DRC announced an agreement with Gertler to purchase one of his oil blocks along the Atlantic coast, on the border of Angola. Cohydro, the country’s state-owned oil company, and Songanol EP of Angola, will work together to develop the block.
The Democratic Republic of Congo currently produces around 25,000 barrels of crude oil a day, making it the largest producer in sub-Sahara Africa.
By. Charles Kennedy of Oilprice.com
Charles is a writer for Oilprice.com