Congo riches: Eni hopes the fields could hold between 500 million and 2.5 billion barrels
Eni seals Congo tar sands deal
Italian oil giant Eni signed an accord with the Republic of Congo today for a four-year, 3-billion-euro deal to develop a tar sands prospect in the African nation.
The prospect covers 1790 square kilometres and will generate equity production of 150 million barrels of oil equivalent, Reuters said, referring to a company statement.
Studies of a 100-square-kilometre section of deposits at Tchikatanga and Tchikatanga-Makolas in the prospect indicated recoverable reserves of between 500 million and 2.5 billion barrels.
Eni will invest 3 billion euros ($4.68 billion) in the Republic of Congo from 2008 to 2012.
As part of the spending, it will invest in a biofuels programme and become a 20% shareholder in a 450-megawatt power station near the Djeno oil terminal.
Scaroni said late on Sunday that Eni would increase its crude oil output from the Republic of Congo this year by 3%, from production of 80,000 barrels a day.