KINSHASA  --  SOCO International will begin exploring for oil in Democratic Republic of Congo in July in what will be the country's first onshore-only drilling project in 40 years, a company official said on Wednesday.

The project in the Bas-Congo region marks a step forward for the central African nation's oil sector, which has been virtually paralyzed by decades of corruption and conflict but which is now attracting increased investment interest.

"There has been a 40-year hiatus in onshore-only drilling," Roger Cagle, deputy CEO and chief financial officer told Reuters by telephone. "We believe that we have a pretty high chance of success, in the range of 15 to 30 percent chance, which is about as good as it gets," he said.

The company, which has already spent about $25 million on the Nganzi block, will drill three wells at a cost of $50 million to $60 million, and has put out a tender to erect onshore oil rigs in the country, which has none available.

"It wouldn't be difficult to monetise any finds as we only have to build a 60 km pipeline to the terminal which already exists," said Cagle, adding operating in the west of the country is much cheaper than in Congo's centre and east because of existing infrastructure and access to a coastline.

New Oil Minister Celestin Mbuyu, back from visiting the site where the company has built an airstrip and new roads, said he was very happy the drilling would start and hoped the company would build a refinery if oil was discovered.

Interest in Congo's oil potential has risen in recent months after big finds on the Ugandan side of Lake Albert.

Oil majors Total and Eni have recently expressed interest in blocks on Congo's side of the lake, and several companies including SOCO are jostling for belated presidential decrees to competing licences.

Despite its potential reserves, Congo barely registers among Africa's oil producers with just 25,000 barrels a day in output, all from French independent Perenco's operations in the southwest.