Marathon Oil signs EPSC to explore offshore Gabonese block

offshore-gabonMarathon Oil has signed an exploration and production sharing contract (EPSC) with the government for Gabon’s offshore Block G13, which has been renamed Tchicuate Block

The company was the high-bidder on the block in the West African nation’s licensing round in October 2013.

Mitch Little, vice-president, international and offshore exploration and production at Marathon Oil, 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 the country.”

The Tchicuate Block encompasses 1,113 sq km with water depths ranging from approximately 990 metres to 2,514 metres. It is located approximately 80.4km offshore the coast of Gabon and near proven shallow-water, pre-salt oil discoveries.

Marathon Oil holds a 100 per cent participating interest and operatorship in the block. In the event of development, Gabon will assume a 20 per cent 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, government sources said.

The company also holds a 21.25 per cent working interest in the non-operated Diaba License G4-223, encompassing 8,903 sq km, where the Diaman-1B discovery was made in 2013.

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