Vitol to buy offshore interests in Gabon

oil rig OCt 1Vitol will buy Harvest Natural's oil license in the Dussafu Marin permit, located offshore Gabon, in 116 metres of water. (Image source: Ken Hodge/Flickr) Vitol has announced that it is in talks with Harvest Natural to buy its 66.67 per cent operating stake in Dussafu Marin permit offshore Gabon for US$137mn

According to a statement by Harvest Natural, Vitol will buy the Houston-based energy firm’s oil license in permit at a depth of 116 metres. The remaining 33.33 per cent of the permit is held by Norway’s Panoro Energy.

Meanwhile, the deal is subject to approval from the government of Gabon and the boards of Vitol and Harvest Natural, company sources said.

In February 2013, Vitol had signed a long-term contract to export oil from Gabon. The company is currently a marketer of oil and an offshore block stakeholder in Nigeria and Ghana, respectively. It also has interests in offshore fields in Côte d’Ivoire and Cameroon.

Earlier in September 2013, Harvest Natural had announced that it was in talks to sell itself to Argentina's Pluspetrol.

Harvest Natural chief executive officer James A. Edmiston said, “The execution of this agreement with Vitol, combined with the previously announced transaction with Pluspetrol, makes clear the path the company has chosen to unlock the value of its portfolio for the benefit of its shareholders.”

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