Africa
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Eni to Invest US$3B in Republic of Congo; Focus on Tar Sands and Palm Biodiesel
May 20, 2008
Italy-based oil and gas major Eni will invest US$3 billion in the Republic of Congo over the next four years, generating an expected equity production of 150 million barrels of oil equivalent from tar sands and biodiesel production.
Eni reached an agreement with the government for the exploration and exploitation of non-conventional oil in tar sands in Tchikatanga and Tchikatanga-Makola, two areas covering a total of 1,790 square km. According to preliminary studies undertaken on a 100 square km area, recoverable reserves are estimated at between 2.5 billion barrels unrisked and 500 million barrels risked.
