Exploration & Production | Deals - Joint Ventures | Contract Awarded
Noble Inks PSC for Gabon Coastal Basin Block; Names Partner
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Noble Energy, Inc. has signed a Production Sharing Contract (PSC) with the Government of Gabon covering Block F15 in the Gabon Coastal Basin.
Under the terms of the PSC, Noble Energy will be the Operator with a 60 percent working interest. Noble Energy's partner on Block F15 is Woodside Petroleum Ltd., who will have the remaining 40 percent working interest.
Block F15 is located approximately 140 kilometers (87 miles) off the coast of Gabon and covers over 2,700 square kilometers (670,000 gross acres). Water depths range from 2,300 to 3,000 meters (approximately 7,500 to 9,900 feet). The PSC includes a 4-year seismic commitment and a future option for exploration drilling. The execution of the PSC represents Noble Energy's initial entry into Gabon and meaningfully expands the Company's exploration portfolio.
Susan M. Cunningham, Senior Vice President, Gulf of Mexico, West Africa, and Frontier, said, "The Gabon PSC adds a large and exciting exploration opportunity to Noble Energy's diversified global portfolio. We look forward to working with the Government of Gabon and our partner on this project, which has the potential to contribute significantly to the economy of Gabon, as well as to the local communities. Several substantial subsalt leads have already been identified on the acreage, and we expect the prospectivity of the block will be enhanced as the work program progresses."