On Monday, Gabon signed seven new exploration and production sharing agreements (EPSA) with Assala Upstream Gabon, Assala Gabon SA, Perence Oil & Gas Gabon Limited and Sinopec Overseas & Gas limited.
The agreements were signed by the country’s Minister of Petroleum and Hydrocarbons, H.E. Noël Mboumba and come as a result of the country’s revised hydrocarbons code, which seeks to create a more competitive environment for oil and gas investment.
The contracts, which will also drive $250 million in investments, are for assets in the Ogooué-Maritime province covering approximately 2829,35 square kilometers.
“We think there is real potential in these fields, most of the EPSA’s that were signed today are being discovered. And we think, that with the new technologies, we will be able to develop and increase the level of our production and our oil reserves,” said Minister Mboumba.
Further, the minister stated that the signing of the EPSA’s spoke to the attractiveness of the country’s new hydrocarbons code, which was enacted in July this year and has already seen the signing of nine new petroleum agreements.
Boasting 2.5 billion barrels in proven oil reserves, Gabon is one of the more established hydrocarbons producers in the Gulf of Guinea and, is currently on a mission to increase its oil production by 50 percent by 2020/2021.
The signing of these agreements set the Central African country well on track.
Since its launch in November 2018, Gabon’s 12th shallow and deep-water licensing round is still underway and is expected to conclude in January 2020.