LONDON, Dec. 19 -- The Australian oil company Roc Oil Co. Ltd. has announced that it has been formally approved as operator of the Cabinda South Block, onshore Angola. It said that Angola's national oil company Sonangol Ltd. approved the transfer of operatorship from the TotalFinaElf SA subsidiary Fina Oil & Gas Cabinda BV to Roc, effective from 13 December 2001.
Roc has a 45% interest in the onshore block which is adjacent to Angola's main oil producing area where more than 4.5 billion bbl have been discovered during the last 40 years. The block covers 1,080 sq km approximately 450 km north of Luanda.
Under the terms of its agreement with TotalFinaElf, Roc is not required to provide any consideration for its farmin until production has been established, at which time it will provide the French company with approximately $700,000.
The other co-venturers in the block are Sonangol 20%, Force Petroleum LLC, a privately owned UK company, 20%, and Lacula Oil Co. Ltd. 15%.
