Marathon Oil returns to Gabon

Marathon_oilMarathon Oil has entered into a farm-out agreement regarding the Diaba Licence G4-223. (Image source: Marathon Oil) Marathon Oil Corporation has announced its return to Gabon, following a farm-out deal between its subsidiary company, Marathon Upstream Gabon Limited, and Total Gabon

The farm-out agreement, which is expected to close in 3Q 2012, sees Texas-based Marathon obtain a 21.25 per cent interest in the Diaba Licence G4-223, with an effective date of June 15, 2012.

The licence covers an area of 9,075 sq km off Gabon’s southern coast, with water depths reaching 3,500 metres.

Marathon vice president of global exploration, Annell R Bay, said, “We are pleased to re-enter Gabon and join our partners to explore pre-salt objectives in the Diaba permit.”

The other partners in the Diaba licence include an affiliate company of Cobalt International Energy, Gabon Diaba Limited, and the Gabonese government.

Retaining the majority interest of 42.5 per cent, Total Gabon is serving as operator.

Bay added, “This partnership combines the extensive deepwater drilling and completion experience of Marathon Oil, Cobalt and Total Gabon to fully evaluate the potential of this licence.”

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