Co-signatories are the Ministry of Oil & Energy, state-owned oil and gas company PETROCI, and Vitol E&P.
Confirmation of the new PSC is expected before Nov. 9, when the second exploration period under the current PSC ends, and will feature three consecutive exploration periods for a total of seven years.
The Ministry has acknowledged the proposed entry of Vitol into partnership with Rialto on the basis previously outlined. All petroleum costs incurred to date by Rialto on the block will be carried over for recovery in the new PSC, and all exploration expenditure commitments outstanding will be deemed satisfied.
Following Rialto’s recent submission of a revised development plan for the offshoreGazelle field, currently awaiting ministerial approval, a new exclusive exploitation authorization will be issued, and negotiations will restart with CI-Energies concerning a future gas sales agreement.