Privately owned NewAge is eyeing the deployment of a floating production, storage and offloading vessel at a proposed 200 million barrel project in Congo-Brazzaville.

The FPSO would be installed in shallow-water Marine III block and is being considered to initially exploit an extension of Eni’s Nene oilfield in Block XII, where NewAge was a partner before offloading its stake to Lukoil in 2019 for $800 million in order to pay back investors.

“The sort of development we’re thinking of is an FPSO for quick monetisation and development,” NewAge’s head of operations David Peel told listeners at IN-VR’s Global E&P Summit last week.