Unite Oil & Gas Unveils Congo Growth Strategy At African Energy Week (AEW)
Date
11/5/2024 7:19:58 PM
(MENAFN- African Press Organization)
Global integrated energy firm Unite Oil & gas unveiled its growth strategy in Africa, with a specific focus on expanding its footprint in the Republic of Congo (RoC), in Cape Town on Monday.
During a Pre-Event Technical workshop at African Energy Week (AEW): Invest in African Energies Yatche Luchin, CEO and President of Unite Oil & Gas said the firm is signing a Memorandum of Understanding (MoU) to establish a joint venture with RoC energy firm Aries Energies.
The MoU will be signed this week at AEW: Invest in African Energies.
“The goal is to optimize the development of assets in the RoC. Nothing happens without cash hence we are working with the [RoC National Oil Company] SNPC and Aries Energies to unlock new financial strategies.”
Loic Mackosso, General Manager of Aries Energies, added“The partnership will focus on acquiring stakes in existing permits. The government in the RoC encourages local firms to acquire stakes in assets in partnership with international firms.”
He said the aim is to leverage the financial strength and technical expertise of international companies to expand the growth of the RoC's oil and gas industry.
The MoU will move Unite Oil & Gas closer to its goal of producing 25,000 barrels of oil equivalent per day by end of 2026 across West Africa, according to Luchin.
The company is working with SNPC on a series of drilling and investment campaigns as part of an energy services contract signed in April 2024.
“We helped SNPC drill two wells with one project already producing energy above expectations,” reiterated Luchin.
AEW: Invest in African Energies will host a press briefing organized by the RoC's Ministry of Hydrocarbons and Energy Capital & Power for the launch of the inaugural Congo Energy & Investment Forum (CEIF).
Distributed by APO Group on behalf of African Energy Chamber.
Media files --br- src="" alt="African Energy Chamber" style="max-width:500px;"/>
Download logo
MENAFN05112024002747001784ID1108854843
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.