SOCO International
Encyclopedia
SOCO International plc 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
.
in May 1997. In 2008 the Company agreed to sell its operations in Yemen
to Sinochem for $465 million. In 2010 the company agreed to sell its Thailand assets to UK listed Salamander Energy
for $105m. 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.
, Democratic Republic of the Congo
, a UNESCO World Heritage Site which is home to 200 of the remaining 700 seriously endangered Mountain Gorilla
. 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. 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.
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.
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
. It is listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and is a constituent of the FTSE 250 Index
FTSE 250 Index
The FTSE 250 Index is a capitalisation-weighted index consisting of the 101st to the 350th largest companies on the London Stock Exchange. Promotions to and demotions from the index take place quarterly in March, June, September and December...
.
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. It was first listed on the London Stock ExchangeLondon Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
in May 1997. In 2008 the Company agreed to sell its operations in Yemen
Yemen
The Republic of Yemen , commonly known as Yemen , is a country located in the Middle East, occupying the southwestern to southern end of the Arabian Peninsula. It is bordered by Saudi Arabia to the north, the Red Sea to the west, and Oman to the east....
to Sinochem for $465 million. In 2010 the company agreed to sell its Thailand assets to UK listed Salamander Energy
Salamander Energy
Salamander Energy is a leading British-based oil and gas exploration and production business. Its activities are focused on South East Asia. It is headquartered in London and is a constituent of the FTSE 250 Index.-History:...
for $105m. During 2010, the company is aiming to derisk 600 million barrels of potential net recoverable reserves with a drilling programme focused in Vietnam
Vietnam
Vietnam – sometimes spelled Viet Nam , officially the Socialist Republic of Vietnam – is the easternmost country on the Indochina Peninsula in Southeast Asia. It is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and the South China Sea –...
and the Democratic Republic of Congo.
Criticisms
In 2010 SOCO began to drill for oil in the Virunga National ParkVirunga National Park
The Virunga National Park , formerly named Albert National Park, is a 7800 square km National Park that stretches from the Virunga Mountains in the South, to the Rwenzori Mountains in the North, in the eastern Democratic Republic of Congo, bordering Volcanoes National Park in Rwanda and Rwenzori...
, Democratic Republic of the Congo
Democratic Republic of the Congo
The Democratic Republic of the Congo is a state located in Central Africa. It is the second largest country in Africa by area and the eleventh largest in the world...
, a UNESCO World Heritage Site which is home to 200 of the remaining 700 seriously endangered Mountain Gorilla
Mountain Gorilla
The Mountain Gorilla is one of the two subspecies of the Eastern Gorilla. There are two populations. One is found in the Virunga volcanic mountains of Central Africa, within three National Parks: Mgahinga, in south-west Uganda; Volcanoes, in north-west Rwanda; and Virunga in the eastern Democratic...
. The drilling was strongly opposed and condemned by the World Wide Fund for Nature
World Wide Fund for Nature
The World Wide Fund for Nature is an international non-governmental organization working on issues regarding the conservation, research and restoration of the environment, formerly named the World Wildlife Fund, which remains its official name in Canada and the United States...
. SOCO allegedly bribed the president of the DR of Congo to gain permission to drill in the Park. 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.
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.
Operations
The Company is currently active in the following regions:- VietnamVietnamVietnam – sometimes spelled Viet Nam , officially the Socialist Republic of Vietnam – is the easternmost country on the Indochina Peninsula in Southeast Asia. It is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and the South China Sea –...
- Cuu Long Basin Blocks 9-2 and 16-1 - ThailandThailandThailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
- Block B8 / 38 - AngolaAngolaAngola, officially the Republic of Angola , is a country in south-central Africa bordered by Namibia on the south, the Democratic Republic of the Congo on the north, and Zambia on the east; its west coast is on the Atlantic Ocean with Luanda as its capital city...
- Cabinda Onshore North Block - Democratic Republic of Congo - Onshore North Congo Basin
- Republic of the CongoRepublic of the CongoThe Republic of the Congo , sometimes known locally as Congo-Brazzaville, is a state in Central Africa. It is bordered by Gabon, Cameroon, the Central African Republic, the Democratic Republic of the Congo , the Angolan exclave province of Cabinda, and the Gulf of Guinea.The region was dominated by...
- Marine XI