Perenco Achieves First Offshore Oil Discovery in DRC in Nearly 30 Years

Perenco’s offshore subsidiary in the Democratic Republic of Congo (DRC), Muanda International Oil Company (MIOC), has made the first offshore oil discovery in nearly 30 years with the Moke-East well, which revealed a 24-foot net oil-bearing column. Another well, LUKS-A, was abandoned due to insufficient hydrocarbon potential. MIOC continues to drill additional wells to unlock more resources. In Brazil, Perenco acquired the Cherne and Bagre concessions from Petrobras, planning to revitalize these assets and increase production to 10,000-15,000 barrels per day by 2025. This acquisition is part of Perenco’s strategy to extend the life of mature fields and expand its presence in the Brazilian market.