Eleven oil companies have been awarded blocks in Gabon as part of the West African country’s licencing round. According to Reuters, the government has granted 13 blocks.
Once the third largest oil producer in Sub-Saharan Africa, the country is hoping to improve the declining oil output, as large oil fields have matured.
According to Reuters, the country’s energy minister Etienne Ngoubou said he hoped that the awarded blocks, once developed, will help Gabon achieve a target of 500,000 barrels of oil per day.
Exxon Mobil, Ophir Energy, Marathon Oil, Repsol and Eni are among the companies which acquired the 13 blocks.
Oil has been the backbone of Gabon’s economy since it gained independence. It accounts for 60% of total government revenue and 75% of export revenue.
Offshore Energy Today Staff, October 30, 2013