Petroleum Africa
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Tuesday, August 12, 2014
Marathon Oil Corp. was one of six oil firms who were awarded exploration rights in Gabon. The company signed an EPSC for Gabon offshore Block G13, which was named Tchicuate upon signing. The block is located in Gabon’s deepwater pre-salt play.
“We’re pleased to finalize the EPSC on the newly named Tchicuate Block, which is located in the high-potential, pre-salt play offshore Gabon,” said Mitch Little, Marathon Oil VP, International and Offshore Exploration and Production. “The addition of the Tchicuate Block aligns well with our strategic focus of capturing quality and material resource in proven and emerging oil provinces, and adds depth to the company’s exploration portfolio, following our 2013 Diaman-1B discovery on the Diaba Block offshore Gabon.”
The Tchicuate Block covers 275,000 acres with water depths ranging from approximately 3,250 to 8,250 ft. It is located about 50 miles offshore the coast of Gabon and near proven shallow-water, pre-salt oil discoveries. Marathon Oil holds a 100% participating interest and operatorship. In the event of development, Gabon will assume a 20% financed interest in the contract upon commencement of production. Gabon holds additional rights to participate in the block in the future as a co-investor.
The company already holds assets in Gabon with a 21.25% working interest in the non-operated Diaba License G4-223, encompassing 2.2 million gross acres, where the Diaman-1B discovery was made in 2013.
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