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24.06.2010 18:59 UPDATE 3-Congo strips Tullow of oil block rights -documents By Katrina Manson LONDON, June 24 (Reuters) - Democratic Republic of Congo has stripped British energy firm Tullow of its rights to two oil blocks on Lake Albert, thought to hold vast crude deposits, according to documents seen by Reuters on Thursday. Presidential decrees awarded little-known energy firms Caprikat and Foxwhelp, both registered in the British Virgin Islands, development rights to Block 1 and Block 2 on the lake, which straddles the Congo-Uganda frontier. The blocks had previously been awarded to Tullow in a 2006 deal in which the company paid a $500,000 signing bonus, and South Africa's Divine Inspiration Group also claims rights to Block 1 after a 2008 deal in which it paid $2.5 million. 'The award of these licences to an unknown British Virgin Islands registered company does nothing to help Africa build any sort of reputation for transparency,' Tullow said in a statement emailed to Reuters. 'We are reviewing our options but have no doubt about the legal validity of our claims to these blocks,' it said. Tullow holds a development deal on the Ugandan side of Lake Albert -- a body of water covering the Albertine Graben geological formation that experts say holds 2 billion barrels of crude oil -- and had been hoping to join them with the Congolese blocks. Tullow shares closed 4.1 percent lower compared with a 2.4 percent drop in the STOXX 600 European oil and gas index . Congo's director of projects at the Ministry of Mines confirmed the awards to Caprikat and Foxwhelp. 'It's true, exactly,' he told Reuters. The Ministry of Mines is seeking a $6 million signature bonus from the two companies for the awards, according to a letter dated June 10 and seen by Reuters. The vast central African state, once a major minerals producer but scarred by a 1998-2003 war and ongoing rebellions that killed millions, has attracted a flurry of investor interest after a big oil find on Uganda's side of the lake. Land-based Block 3 goes to South African SacOil, in which Divine and Encha Group each have a 50 percent share and which had signed an accord in 2007, according to the documents. 'We're looking at investing a total of $100 million over the next four years,' Andrea Brown, director of SacOil, told Reuters. 'We will start immediately.' Another company, Polar Petroleum DRC, registered in Congo in April, is seeking a memorandum of understanding for Block 4. Block 5, which lies largely on Lake Edward, goes to SOCO International with a 38.25 percent interest, and to Dominion Petroleum which has 46.75 percent. They negotiated their agreement in December 2007, giving Congo state oil firm Cohydro a 15 percent share. (Editing by Richard Valdmanis, Jon Loades-Carter and Erica Billingham) ((richard.valdmanis@thomsonreuters.com; Dakar newsroom +221 33 864 5076)) Keywords: CONGO DEMOCRATIC/OIL (For more Reuters Africa coverage and to have your say on the top issues, visit: http://af.reuters.com/) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. |
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| aus der Diskussion: | Tullow Oil mit Exploration in Uganda |
| Autor (Datum des Eintrages): | KaOzz (28.06.10 13:50:13) |
| Beitrag: | 37 von 144 (ID:39745580) |
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