Gertler’s Oil Company Says Congo Project Has 3 Billion Barrels

Oil of DRCongo, owned by Israeli billionaire Dan Gertler, said a discovery at Lake Albert in the Democratic Republic of Congo may hold more than 3 billion barrels of oil.

A seismic study conducted by the subsidiary of Fleurette Group concluded that the oil reserves were present and will have a production capacity of 50,000 barrels per day, the company said in a statement today.

“These are very positive results from our extensive seismic campaign,” Giuseppe Ciccarelli, chief executive officer of Oil of DRCongo, said in the statement. “We remain committed to making the investment necessary to progress the project, which has the potential to transform the DRC.”

Oil of DRCongo has invested more than $75 million in the exploration of two blocks and will construct two exploratory wells, according to the statement. Some local communities will be relocated in the preparation phase of the drilling, the company said in the statement.

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