The Canadian company Zenith Energy announced on February 10 the success of the public utility investigation of the Tilapia project in Kouilou. The oil company has a majority stake of 56% in the Tilapia oil field, while the remainder of the 44% is controlled by the Société Nationale des Pétroles du Congo (SNPC).
The announcement of the success of the public utility survey, which assures the community of Kouilou that the further development of the Tilapia oil field will not harm the environment, comes ten months after the acquisition by Zenith Energy of 100% of the shares of the Congolese subsidiary of AAOG in May 2020.
The tanker has just received confirmation from the supervisory authorities for the continuation of the Tilapia project. “We are delighted to have received this positive confirmation from the Ministry of Hydrocarbons which demonstrates our successful establishment in the Republic of Congo, where we intend to develop Tilapia. I look forward to being able to inform the market in good time about the progress being made, ”said Zenith Energy CEO Andrea Cattaneo.
The activities of the Canadian oil company have been the subject of an in-depth technical and financial review, carried out by the Ministry of Hydrocarbons in January 2021. Thanks to the public utility survey, the company can now proceed with the finalization and the potential ratification of the production sharing contract for the second phase of the project.
The company’s strategy unveiled by CEO Andrea Cattaneo is to acquire oil and gas production assets already operated by major oil companies, in the hope of generating revenue.
It should be remembered that the oil company has asked the Congolese government for a new 25-year operating license, the Tilapia license having expired in July 2020. In the meantime, the exploitation of the field continues through a plan of continuation of activities. The site’s production is expected to rise to 1,500 barrels per day after the end of development work.