SOCO International
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| Type | Public (LSE: SIA) |
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| Industry | Oil and Gas Exploration |
| Founded | 1997 |
| Headquarters | London, England, UK |
| Key people | Rui de Sousa, Chairman Ed Storey, CEO |
| Revenue | $48.4 million (2010)[1] |
| Operating income | $29.1 million (2010)[1] |
| Net income | $101.4 million (2010)[1] |
| Website | www.socointernational.co.uk |
SOCO International plc (LSE: SIA) is an international oil and gas exploration and production company, headquartered in London. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
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[edit] History
The Company was formed by Ed Storey in 1991 to exploit international oil opportunities as a subsidiary of Snyder Oil Corporation of the USA.[2] It was first listed on the London Stock Exchange in May 1997.[2] In 2008 the Company agreed to sell its operations in Yemen to Sinochem for $465 million.[3] In 2010 the company agreed to sell its Thailand assets to UK listed Salamander Energy for $105m.[4] During 2010, the company is aiming to derisk 600 million barrels of potential net recoverable reserves with a drilling programme focused in Vietnam and the Democratic Republic of Congo.[5]
[edit] Criticisms
In 2010 SOCO began to drill for oil in the Virunga National Park, Democratic Republic of the Congo, a UNESCO World Heritage Site which is home to 200 of the remaining 700 seriously endangered Mountain Gorilla.[6] The drilling was strongly opposed and condemned by the World Wide Fund for Nature. SOCO allegedly bribed the president of the DR of Congo to gain permission to drill in the Park.[7] In January SOCO employees allegedly forced their way into the Park, resulting in the conservateur of the park and several international agencies declaring their intention to bring lawsuits against SOCO, and a fall in SOCO's share price.[8]
In March 2011 DRC Environment Minister Jose Endundo rejected an environmental assessment submitted by SOCO and announced that the government would now be conducting its own environmental assessment into oil exploration in Virunga, as well as the entire border region. SOCO denies the fact that drilling in the area could damage the park's ecosystem and increase political tension in the area. Despite the DRC government's decision, SOCO continues to drill on the Ugandan side of the border.[6]
[edit] Operations
The Company is currently active in the following regions:[2]
- Vietnam - Cuu Long Basin Blocks 9-2 and 16-1
- Thailand - Block B8 / 38
- Angola - Cabinda Onshore North Block
- Democratic Republic of Congo - Onshore North Congo Basin
- Republic of the Congo - Marine XI
[edit] References
- ^ a b c Annual Report 2010
- ^ a b c IFC: SOCO International
- ^ Soco agrees to sell Yemen ops to China's Sinochem for $465 million Forbes, 2 April 2008
- ^ Proposed Disposal of Soco Thailand Company Website, 20 July 2010
- ^ SOCO International launching major oil exploration programme Stockopedia May 17, 2010
- ^ a b DR Congo blocks Soco from oil search in Virunga park
- ^ Le pétrole du parc national de Virunga au centre d’une polémique
- ^ Congo's Wildlife Authority Says That it Presses Charges Against Soco
[edit] External links
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