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Cote Dlvoire : RIALTO - Agreement signed to replace current PSC for Block CI-202.

Rialto has announced that its arm Rialto Energy (Cote d'Ivoire) Ltd (Rialto CdI) has inked a cooperation agreement with the Cote d'Ivoire Ministry of Oil & Energy, the national oil & gas company PETROCI, and Vitol E&P.

The agreement has been signed to replace the current Production Sharing Contract (PSC) for Block CI-202 with a new PSC on revised terms.

Some of the Key elements of the agreement are : 1) The new PSC would be inked before 9 November 2013 when the second exploration period under the existing PSC reaches an end, and will have 3 successive exploration periods over a total of 7 years from being signed; 2) The Ministry has recognized the planned entry of Vitol into partnership with Rialto on the basis earlier outlined; 3) Significantly all petroleum costs incurred so far by Rialto on Block CI-202 will be carried over for recovery in the new PSC.

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Publication:Mena Report
Date:Sep 18, 2013
Words:162
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