Gabon awards exploration contract

Dec 29, 1997 01:00 AM

US Pioneer Natural Resources has signed an exploration and production-sharing contract with the Republic of Gabon.
The deal gives Pioneer exclusive rights to explore, develop and produce oil and gas in the offshore Olowi block (formerly known as block q93).
The contact has an initial three-year exploration period and an option for an additional two years.
The Olowi block covers about 315,000 acres in water depths of less than 130 feet. It is located 5 km southeast of the giant Gamba oil field and contains undeveloped oil and gas discoveries at drilling depths of about 3,500 feet, which will require appraisal to determine their commercial value.
The block is located along an oil productive trend that connects the Gamba oil field northwest of the block with smaller oil fields situated to the southeast.

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