Source: PA Resources
Improved fiscal terms for the production sharing contract for the Azurite Field and the Mer Profonde Sud licence in the Republic of Congo has been formally approved. The amendment gives PA Resources a larger net entitlement share of Azurite field revenues and applies retroactively from October 1, 2010.
The amendment on improved fiscal terms was signed between the authorities in the Republic of Congo and all the partners in the production sharing contract for the Mer Profonde Sud license (MPS) and the Azurite field. Murphy Oil is the operator with 50 percent interest., PA Resources holds 35 percent, and Société Nationale Petroles du Congo has 15 percent.
The amendment has now received the final formal approval by the Parliament in the Republic of Congo and has been sanctioned by a Presidential decree.
The amendment is valid for the Azurite field and the MPS-license. The improved fiscal terms give PA Resources a larger net entitlement share of the Azurite field’s production and revenues.
First discovered in 2005, Azurite was developed using the first FPSO with drilling capabilities, or an FDPSO (Floating, Drilling, Production, Storage and Offloading) vessel. Starting production in August 2009, the Azurite field is located offshore the Republic of Congo in West Africa.