On 16 April 2018, Perenco completed the purchase of Chevrons interest in the No 177 concession (DRC Offshore). The interest in the concession are as follows: Perenco operates its offshore concession via its offshore subsidiary Muanda Int'l Oil Co Ltd (MIOC) with a 67.72% interest. Partner Teikoku Oil (DRC) Co Ltd, a subsidiary of Inpex, holds 32.280%.  The DRC Offshore concession covers some 737 sq km within the Lower Congo basin. The entire concession is located offshore, water depths range from 0 m to roughly 50 m. The Concession plays host to eleven fields (GCO, GCO South, Libwa, Lubi, Lukami, Mibale, Misato, Moko, Motoba, Mwambe and Tshiala). As of end December 2017, combined production from that aforementioned fields was averaging 11,198 bo/d.  Background information   As announced on 6 December 2017, after a lengthy delay Perenco and partners in the No 177 concession (DRC Offshore) have agreed with Government on a 20 year extension. The validity of the Concession has thus been extended until 21 November 2043.
Perenco took over Chevronâs 17,7% interest in the shallow-water No 177 concession (aka DRC Offshore). Perenco operates the 737-sq km block under its Muanda Int'l Oil Co sub now with 67,72%, partner Teikoku.