SOCO International plc
SOCO International plc is "an international oil and gas exploration and production company headquartered in London and listed on the London Stock Exchange. Although the Company has designated core areas in the Far East / Southeast Asia and Middle East / North Africa regions, it employs a strategy for building shareholder value through a portfolio of oil and gas assets." [1]
In 2004, SOCO "produced an average of 5,533 barrels of oil per day." [2]
Contents
History
"SOCO plc was incorporated in July 1991 with CEO Ed Story owning 10% and Snyder Oil Corporation of the USA holding the remaining 90%. SOCO acquired its principal assets from Snyder Oil and then from acquiring an interest in Command Petroleum Limited and Holland Sea Search Holdings NV. These interests were subsequently sold to Cairn plc of the UK for cash and shares in Cairn. In 1996 SOCO exchanged the shares for assets from Cairn and the company was subsequently listed on the London Stock Exchange in May 1997. SOCO is largely owned by institutional investors and no single shareholder owns more than 15% of the Company. As of 31 December 2003, the five largest reported shareholders were as follows: Pontoil Intertrade Limited (15%); Opale SA (10%); Chemsa Ltd. (8%); Fidelity International Limited (7%); and Lansdowne Partners LP (6%). As a publicly traded company, SOCO regularly issues audited financial statements and communicates with investors." --International Finance Corporation Selected Project Document.
In 2005, SOCO plc sold its interests in Mongolia to PetroChina. From 2005, SOCO plc has been acquiring a series of interests West Africa, staring with the Marine XI block in Congo (Brazzaville), then the Nganzi block onshore DR Congo, then in Cabinda, Angola. In 2008, SOCO plc sold its interests in Yeman to Sinochem Petroleum Ltd. --[3]
Profiles
"The company explores in Libya and the surrounding countries through ODEX Exploration, itself a joint venture between Oilinvest and SOCO North Africa, a subsidiary of SOCO International. ODEX is owned 57% by Oilinvest and 43% by SOCO North Africa. The company is securing delineated gas and oil projects, and exploring for future projects in Libya as a whole.
"In Vietnam, the company operates through SOCO Vietnam, which has interests in two blocks in the Cuu Long Basin.
"In Mongolia, the company holds a working interest in several areas with Huabei Oilfield Services. Mongolia remains primarily an exploration area for the company, except for one pilot production program.
"In Thailand the group operates Block B8/38, located offshore in the Gulf of Thailand. The group has discovered a small field which is a candidate for development.
"In Yemen, SOCO holds interests in the East Shabwa Development Area through its shareholding in Comeco Petroleum. The company has a 59% interest in Comeco, which translates as a 17% indirect working interest in East Shabwa. The concession is operated by TotalFinaElf Yemen.
"In Tunisia, SOCO holds a 22% non-operating working interest in the Zarat permit, located 75km offshore eastern Tunisia in the Gulf of Gabés." --Computer Business Review Online.
Board of Directors
- Rui de Sousa, Non-Executive Chairman
- Edward T. Story, President and Chief Executive Officer
- Roger Cagle, Executive Vice President Deputy CEO and Chief Financial Officer
- Peter Kingston, Non-Executive Director
- Olivier Barbaroux, Non-Executive Director
- John C. Snyder, Non-Executive Director
- Ettore Contini, Non-Executive Director
- Robert Cathery, Non-Executive Director
- Martin Roberts, Non-Executive Director
- John Norton, Non-Executive Director
Contact Details
SOCO International plc
St. James's House, 2nd Floor
23 King Street
London SW1Y 6QY
United Kingdom
Tel: +44 (0)20 7747 2000
Fax: +44 (0)20 7747 2001
URL: http://www.socointernational.co.uk/
SourceWatch Resources
External links
Profiles
- SOCO International Recent Articles, RIGZONE (current).
- Operations Update: SOCO International plc, Oil-Barrel.com, January 31, 2005.
Articles & Commentary
- SOCO Int'l "Time to Fess Up," The Motley Fool, September 28, 2004.
- "IFC Extends $45 Million Credit Facility to SOCO International plc," International Finance Corporation, World Bank Group, September 13, 2005.
