Petroleum Africa
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Tuesday, August 12, 2014
Seven contracts with six oil companies were signed in Gabon as part of the countrys’ latest licensing round. This was Gabon’s tenth licensing round and it was aimed at stifling the country’s current production decline and turning it around.
The West African country currently produces at a rate of approximately 230,000 bpd and it is hoped that new exploration will aid in turning production toward its glory days when peak production was close to 400,000 bpd. The round was also expected to attract more than $1.1 billion in new investment in the sector.
Gabon has been having some success with its pre-salt potential and is looking to build on that.
Companies that have signed contracts were Impact Oil & Gas, Marathon Oil, Noble Energy, Petronas, Repsol, and Woodside Energy.
The negotiations for the blocks have taken some time and the list of potential awardees changed more than once; in fact, two companies that were invited to negotiate as recently as last month, ExxonMobil and Ophir Energy, did not make the list of winners. Meanwhile Woodside, who was named a winner, did not feature on any list published.
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