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Zenith Energy awarded licence to operate Tilapia oilfield

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Oilfield Technology,

Zenith Energy has been selected as the successful bidder for the award of a new 25-year licence to operate the Tilapia oilfield in the Republic of the Congo.

The bid represents a significant milestone for the company, in line with its strategy strategy of acquiring highly prospective oil production and development assets in Africa. Over the last year, Zenith has acquired assets in Tunisia and in the Republic of the Congo, establishing activities in the broader West Africa region.

Andrea Cattaneo, CEO of Zenith, commented: “Zenith’s selection by the Ministry of the Hydrocarbons of the Republic of the Congo as the successful bidder for Tilapia II is an exceptional achievement and is the product, amongst other qualities, of our unwavering commitment and perseverance in pursuing our development strategy.

The company is now positioned to benefit from a potentially transformational asset with highly prospective development and exploration potential in a prolific hydrocarbon basin where we shall be able to deploy our drilling equipment to perform operational activities in agreement with our local partners at a time of increasing recovery in oil prices.

Further, it is a matter of great satisfaction that the company has been able to resoundingly vindicate its confidence in its ability to achieve its publicly announced objectives in the Republic of the Congo, specifically in terms of securing Tilapia II.

The company can now look forward with well-grounded confidence to the journey ahead in the Republic of the Congo and the possible achievement of other publicly stated objectives, including the possible acquisition of additional oil production assets, as well as obtaining repayment of the approximately US$5.7 million owed to the company by SNPC.”

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