The licensing round was launched in November 2018 and resulted in the signing of a record number of PSCs in sub-Saharan Africa last year. In response to ongoing market conditions and the pandemic of Covid-19, the Ministry of Petroleum, Gas, Hydrocarbons and Mines extended the submission deadline beyond 30 April 2020.
As an additional incentive for investors, the Directorate General of Hydrocarbons and PGS are now offering over 65 000 km2 of 3D seismic and over 21 000 km of 2D seismic data across the 35 blocks, providing further opportunity to integrate new data into evaluations of open blocks. Investors can do so through the Gabon MegaSurvey, a cost-effective tool for regional evaluation and visualisation of plays and migration pathways.
In addition to the seismic data, well data is now available for 167 wells within the MegaSurvey area, in order to support the evaluation of the blocks on offer. “Value-added composite logs used in conjunction with the regional seismic dataset will help the assessment of prospectivity and play evaluation,” PGS declared this week.
“The Chamber notes the country’s continued commitment to offer an enabling business environment for investors, which echoes several recommendations issued earlier this year as part of our Africa’s Energy Commonsense agenda,” declared Leoncio Amada Nze, President for the CEMAC region at the African Energy Chamber. “We see the ongoing Licensing Round in Gabon as a pillar of future investments in the whole region and a booster to the sector’s recovery,” he added.
Gabon recently passed a new Hydrocarbons Code, Law No. 002/2019, on 16 July 2019 offering a more competitive upstream fiscal regime and providing an even better enabling environment for investors. The country is home to ventures from international oil companies and independents, including Total, Perenco, VAALCO Energy, BW Energy and Maurel & Prom. Until the start of the Covid-19 pandemic and the subsequent production cuts, the country had managed to reverse a historic decline in domestic oil production and had made new significant offshore discoveries.
Read the article online at: https://www.oilfieldtechnology.com/exploration/12062020/gabon-increases-3d-seismic-access-to-offshore-blocks-on-offer/