In January 2020, Perenco Exploration & Production Congo Ltd's (Perenco) Production sharing Contract for the Marine XXVII block was approved. The 565 sq km area sits atop the shelf within the Lower Congo Basin. It plays host to the 2011 Nkaba 1 oil and gas discovery and the 1985 Boatou Marine 1 oil discovery. Nkaba 1 is estimated to hold some 22 MMbo and 27,500 MMscf gas. Boatou Marine 1 is estimated to hold some 10 MMbo.   The effective date for the start of the of the PSC was January 2019.  Perenco operates the block with a 75% interest, Societe Nationale des Petroles du Congo holds the remaining 25% stake.   Background information   Perencoâs bid for the block was opened on 29 March 2017. On 21 November 2018, the Council of Ministers met and agreed to award the XXVII exploration licence to SNPC and Perenco.  (it was previously though that the split was 85% Perenco and 15% SNPC however, this was incorrect).   The licence was awarded for a period of two years and in non-renewable.
Perenco Exploration & Production Congo Ltd's (Perenco) Production sharing Contract for the Marine XXVII block was approved. The 565 sq km area sits atop the shelf within the Lower Congo Basin.