👀 Ones to watch: The MOST undervalued shares to buy right nowSee Undervalued Shares

British oil company Soco says no longer holds Congo block permit

Published 03/11/2015, 17:41
© Reuters.  British oil company Soco says no longer holds Congo block permit
PHARP
-

KINSHASA (Reuters) - British oil firm Soco International (L:SIA) said on Tuesday it no longer holds the exploration licence for a block in eastern Democratic Republic of Congo where it ceased operations last year amid environmental and human rights protests.

Soco conducted seismic testing last year on Block V, about half of which lies within the Virunga National Park, Africa's oldest national park and home to the endangered mountain gorilla.

The controversy surrounding oil exploration in the park was the subject of last year's Oscar-nominated documentary film "Virunga".

"Soco has ceased to hold the Block V licence," the company said in a single-sentence statement on its website.

A spokesman for the company said in an email that Soco had decided not to renew its licence at the end of its contract with the Congolese government.

The chief of staff to Congo's oil minister told Reuters he was unaware of any change in the block's status.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.