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Wednesday, October 30, 2013
The block winners from Gabon’s latest licensing round were announced with the government awarding 13 oil and gas blocks to 11 companies. The bidding round, three years in the making, is aimed at boosting the country’s production levels which have been in decline for a number of years.
“The government is aiming for 500,000 bpd of production once these blocks are operational,” Oil Minister Etienne Ngoubou told reporters. He did not give a figure for current production, although the government earlier this month gave a production forecast of nearly 230,000 bpd for 2014.
Of the 43 blocks available companies applied for 18, with Ophir Energy being the biggest winner of the licensing round with four block awards. ExxonMobil, ENI, Repsol, and Marathon also scored blocks. Shell, Canadian Natural Resources, Glencore, and Total all came up empty handed.
The minister did not give details on the legal terms for the new contracts, but said that “negotiations will continue shortly with the selected companies.”
Other companies named as winners in the latest licensing round were Noble, Perenco, Petronas, Cobalt, Elenilto, and Impact.
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