Gabon: TotalFinaElf Announces the Signature of the Extension of the Rabi-Kounga License with Gabonese Republic

abarrelfullabarrelfull wrote on 19 Jul 2012 10:39

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April 23, 2003

TotalFinaElf announces the signature of an exploration and production sharing contract (ESPC) with the Gabonese Republic covering the onshore Rabi-Kounga oil field located in the Gamba region.

Until now, the facility was being developed under a concession license that was due to expire in 2007. The EPSC takes effect on January 1, 2003 for an initial ten-year period and is followed by two additional five-year terms.

This new contract will enable investments of approximately $150 million to improve oil recovery at Rabi-Kounga. Today, the field produces roughly 55,000 barrels of oil per day.

Through the company’s subsidiaries Elf Gabon and Elf Aquitaine, TotalFinaElf holds a consolidated share of 47.5% for the block, along with Amerada Hess Production Gabon (10%) and Shell Gabon (42.5%, operator).

With this contract, TotalFinaElf once again demonstrates its commitment to developing Gabon’s economy and oil industry.

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