Posted on 27.08.2014 - 07:05 EDT in GENERAL NEWS by ginamc
Marathon Oil Corporation, through its wholly owned subsidiary Marathon Oil Exploration Limited, has announced it has signed an exploration and production sharing contract (EPSC) for Gabon offshore Block G13, which was named Tchicuate upon signing, located in the deepwater, pre-salt play.
The Company was the high-bidder on the block in Gabon’s licensing round in October 2013.
“We’re pleased to finalize the EPSC on the newly named Tchicuate Block, which is located in the high-potential, pre-salt play offshore Gabon,” said Mitch Little, Marathon Oil vice president, International and Offshore Exploration and Production.
“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 Gabon.”
The Tchicuate Block encompasses 275,000 acres with water depths ranging from approximately 3,250 to 8,250 feet. It is located approximately 50 miles offshore the coast of Gabon and near proven shallow-water, pre-salt oil discoveries. Marathon Oil holds a 100 percent participating interest and operatorship in the block. In the event of development, the Republic of Gabon will assume a 20 percent 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.
Marathon Oil also holds a 21.25 percent working interest in the non-operated Diaba License G4-223, encompassing 2.2 million gross acres, where the Diaman-1B discovery was made in 2013.