BlackGold Partners with the Italian Company (ENI) in Marine XII Block “Congo Brazzaville”
In its biggest move, and through its main holdings in New African Global Energy (NewAge), BlackGold partnered with the Italian Company ENI Congo in Marine XII Block which it lies in the core producing zone offshore in shallow water. Oil reserves total 2.5bn barrels in Congo Brazzaville. The block has proven gas reserves, and potential reserves to exceed 1tcf from the existing discovered field with millions of barrels of recoverable oil and condensate. There are several other oil and gas discoveries on the block that require further appraisal with potential hundreds of millions of barrels of oil equivalent.
According to the Petroleum Ministry, the signing was done by ENI Congo’s CEO Luigi Piro and NewAge’s CEO Steve Lowden, in the presence of Petroleum Minister of Congo Brazzaville, His Excellency Mr. Andre Raphael Loemba.
Mr. Piro stated that the agreement is very important for all three parties because "it strengthens cooperation between Congo and Italy, through the Congo power plant project with a capacity of 300 megawatts in initial stage".
NewAge farmed into Marine XII block for 25% and has widespread experience in gas and oil. Above all, NewAge knows how to convert gas into electricity from past vast experience in various parts of the world, particularly in countries where there is lack of electricity, the Minister added.
"Turning gas into power will contribute, without doubt, to the goals of modernization and industrialization set forth in the roadmap of the President of the Republic”, His Excellency Minister of Petroleum, Mr. Andre Raphael Loemba said.
BlackGold is a specialized subsidiary of Al Zarooni Enterprises in the energy and mining sector with interests also in Ethiopia, South Africa and Kurdistan-Iraq. In addition, the company owns refinery, several minerals mining and soon power generation.
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