Oil magnate Dan Gertler, owner of Oil of DR Congo, would like partners to develop a potential oil find in the Democratic Republic of Congo. This was revealed by Oil of DR Congo Director Giovanni Pedaci. He said the company's exploration efforts so far revealed as much as 2 billion barrels of liquid underneath Congo's Lake Albert. He said that drilling would be necessary to determine how much of the liquid would be oil.
Pedaci told reporters that the drilling effort would require a large amount of capital. "To develop a reservoir so big is capital intensive -- two, three, four billion dollars. My shareholders are looking for some people to share the risk," he said.
Lake Albert is located between the Congolese and Ugandan borders. On the Ugandan portion, UK-based Tullow Oil had already found over a billion barrels of crude. Pedaci said the one on the Congolese part is its mirror image. In the past eight months, Oil of DR Congo already finished exploring 470 square kilometers of lakes first two blocks. Pedaci said they found a lot of oil there.
Join the Conversation