Billionaire Gertler Seeks Partner for Potential Congo Oil Find
By Michael J. Kavanagh
Billionaire Dan Gertler is looking for partners to develop oil blocks in the Democratic Republic of Congo after seismic studies revealed “a lot” of oil, the director of Gertler’s Oil of DR Congo sprl said.
Exploration by the company shows a geological structure beneath Congo’s Lake Albert that may contain as much as 2 billion barrels of liquid, Oil of DR Congo director Giovanni Pedaci told reporters yesterday in Kinshasa, the capital. The company needs to drill to test how much oil the structure contains, he said.
“To develop a reservoir so big is capital intensive -– two, three, four billion dollars,” Pedaci said at the iPad oil conference. “My shareholders are looking for some people to share the risk.”
Lake Albert straddles the border between Congo and Uganda. Tullow Oil Plc (TLW), the U.K. explorer, has already found more than 1 billion barrels of crude on the Ugandan side. The structure beneath the Congolese portion of the lake is “a mirror image” of the Ugandan part, Pedaci said.
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