• 1 day Shell Oil Trading Head Steps Down After 29 Years
  • 2 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 2 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 2 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 2 days Venezuela Officially In Default
  • 2 days Iran Prepares To Export LNG To Boost Trade Relations
  • 2 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 2 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 2 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 3 days Rosneft Announces Completion Of World’s Longest Well
  • 3 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 3 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 3 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 3 days Santos Admits It Rejected $7.2B Takeover Bid
  • 3 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 3 days Africa’s Richest Woman Fired From Sonangol
  • 4 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 4 days Russian Hackers Target British Energy Industry
  • 4 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 4 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 4 days Lower Oil Prices Benefit European Refiners
  • 4 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 5 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 5 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 5 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 5 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 5 days OPEC To Recruit New Members To Fight Market Imbalance
  • 5 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 5 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 5 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 6 days GE Considers Selling Baker Hughes Assets
  • 6 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 6 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 6 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 6 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 6 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 8 days The Oil Rig Drilling 10 Miles Under The Sea
  • 9 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 9 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 9 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
China Resumes Oil Hoarding Despite Higher Prices

China Resumes Oil Hoarding Despite Higher Prices

Satellite imaging data suggests that…

Billionaire Dan Gertler Looks for Partners to Develop Congo Oil Fields

Billionaire Dan Gertler Looks for Partners to Develop Congo Oil Fields

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
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.

Related article: Egypt for Sale

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



Join the discussion | Back to homepage

Leave a comment
  • Gerald Williams on September 19 2013 said:
    Oil explorarion in the eastern Congo? IMHO any CEO who either proposed or approved such a cockamamie idea is certifiable:
    1. You won't get any insurance against anything - It's a WAR ZONE.
    2. You won't get any equipment in without paying bribes on an astronomical scale.
    3. Your workers will get raped and/or murdered by passing militias, AND
    4. Always assuming you could overcome the above obstacles, the DRC Govt will expropriate you without compensation, once everything is up and running.
    5. There's isn't a bank in the world that would lend a red cent against this project. Their security would be worse than zero.

    Mr. Gertler needs to find a weaker brand of weed. His current inhalations have seriously fogged his brain.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News