Perenco buying Nuevo's interest in Marine 1 permit off Congo

By OGJ editors

HOUSTON, Apr. 12 -- European independent Perenco SA agreed to buy the Houston-based Nuevo Energy Co.'s interest in the Marine 1 permit off Congo for $62 million.

Nuevo has a 37.5% average net revenue interest in the permit, including Yombo and Masseko fields as well as a 50% interest in a floating, production, storage, and offloading vessel.

In 2003, production averaged 4,800 boed net to Nuevo. Subject to final consents and reviews, the sale will be retroactive to Jan. 1, Nuevo said.