After gaining back its acquisition rights of blocks along the Lake of Tanganyika in Congo by the Paris-based International Court of Arbitration’s judgement, La Generale Petroliere du Congo (Gepeco), a family-owned exploration company, announced that it is expecting The Democratic Republic of Congo’s government to sign an oil production-sharing contract, Bloomberg reported.
According to World Oil, Gepeco’s Managing Director, Augustin Kikukama, stated that the Oil Ministry is instituting a commission working with the Prime Minister’s office, the Ministry of Justice and the Ministry of Budget as well as representatives from the company itself to start the execution of the judgment that was issued by a tribunal at the Paris Arbitration Court.
The court’s verdict allowed Gepeco to negotiate a production-sharing contract for all 11 blocks in Congo’s portion of the 32,900km2 lake located on the border with Tanzania. The area is unexplored, but it gives Gepeco the advantage of handling and controlling incoming future oil operation and production on the lake.
