ROC exits Indian Ocean concessions

Offshore staff

SYDNEY, Australia -- ROC has agreed to sell its 75% interest in the Juan de Nova Maritime Profond block in the Indian Ocean to South Atlantic Petroleum JDN SAS for up to $8.5 million.

The concession is in the French Exclusive Economic zone off the coast of Juan de Nova Island (Mozambique Channel).

Roc Oil (Madagascar), a wholly owned subsidiary of ROC, also has relinquished its 75% interest in the Belo Profond block offshore Madagascar (Mozambique Channel). Current joint venture partner Marex MC will take on this interest.

Alan Linn, ROC’s CEO, said: "ROC’s strategy is to generate future growth through exploration, appraisal, and pre-development opportunities located in the focus region of China, Southeast Asia, and Australasia. The deepwater and frontier exploration characteristics of the Mozambique Channel blocks are not consistent with this strategy.

“ROC’s exit from the Mozambique Channel will allow the redeployment of capital and resources to pursue opportunities more consistent with the company’s strategy. ROC will continue to pursue the divestment of its remaining African assets, which are located offshore Equatorial Guinea and offshore Mauritania."


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...