Uchenna Izundu
International Editor
LONDON, July 10 -- Total Gabon SA is investigating boosting production from Anguille oil field in Gabon, adding more than 100 million bbl of proved and probable reserves and 30,000 b/d of oil in the first half of next decade. Currently the field produces 7,000-8,000 b/d of oil.
A Total spokeswoman declined to give any more details, adding that the company plans to take a final investment decision at the end of 2007 following an update of its convention of establishment agreement signed with the Republic of Gabon. Total will operate in Gabon for another 25 years and the agreement defines, among other things, the legal and tax system governing Total Gabon's concessions, operating licenses, and crude transportation installations.
It covers 17 concessions and operating licenses representing an area of nearly 1,500 sq km and more than 60% of Total's share of output in Gabon (more than 50,000 b/d in 2006).
Total said, "The renewal of the convention of establishment between Total and the Republic of Gabon demonstrates their renewed trust in developing the country's natural resources."
Total will invest $260 million in 2007 on appraising and redeveloping existing fields to improve recovery and slow down the fall in oil production.
Contact Uchenna Izundu at [email protected].