Petroleum Africa
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Tuesday, May 20, 2014
In a surprising move, Gabon has dropped Noble Energy and Cobalt International Energy from the previously announced list of winners in an offshore licensing round.
According to Gabon’s Oil Minister Etienne Ngoubou, the companies would not be able to meet the investment requirements for the blocks. “The offshore requires huge investment and the companies turned down did not meet those requirements,” Ngoubou told reporters. Interesting as Noble and Cobalt are already operating in Africa’s deepwater basins; Noble offshore Equatorial Guinea and Cobalt offshore Angola. The companies appear to be in the position to meet any initial investments for the licenses.
While Elenilto was also dismissed from the list of winners, France’s Total – which came up empty in the licensing – was invited for negotiations although Ngoubou declined to give any further details.
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