Marathon Oil to explore offshore Gabon

Marathon Oil Exploration Limited has signed an exploration and production sharing contract (EPSC) for Gabon offshore Block G13.

The block, named Tchicuate on signing, is located in the deepwater pre-salt play offshore Gabon. The company was the highest bidder on the block in Gabon’s licensing round in October 2013.

Comments

Commenting on the award, Marathon Oil VP – International and Offshore Exploration and Production, Mitch Little, said: "We're pleased to finalise the EPSC on the newly named Tchicuate Block, which is located in the high-potential, pre-salt play offshore Gabon.

"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."

Proven discoveries

The Tchicuate Block covers 275,000 acres with water depths ranging from approximately 3250 to 8250 feet. It is located approximately 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 block. In the event of development, the Republic of Gabon will assume a 20% financed interest in the contract upon commencement of production. The State holds additional rights to participate in the block in the future as a co-investor.

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/exploration/12082014/marathon-oil-wins-contract-for-offshore-gabon-exploration-236/