TotalFinaElf Extends Gabon Production Sharing Contract
Elf Gabon and its partners have signed an exploration and production sharing contract (EPSC) with the Gabonese Republic. The agreement covers 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.
Besides Elf Gabon (32.92%), other shareholders of the field include Elf Aquitaine (14.58%), Amerada Hess Production Gabon (10%) and Shell Gabon (42.5%, operator).
With this contract, Elf Gabon, a 58%-owned subsidiary of the TotalFinaElf Group, once again demonstrates its commitment to developing Gabon's economy and oil industry.
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