Pioneer signs deal for block off Gabon

Pioneer Natural Resources Co., Dallas, has signed an exploration and production-sharing contract with Gabon's Ministry of Mines, Energy, and Petroleum in Libreville last month. The contract gives Pioneer exclusive rights to explore, develop, and produce oil and gas on the offshore Olowi Block (formerly known as Block Q93). The contract has an initial 3-year exploration period and an option for an additional 2 years. The Olowi block covers 315,000 acres in water depths less than 130 ft about

Jan. 12, 1998

Pioneer Natural Resources Co., Dallas, has signed an exploration and production-sharing contract with Gabon's Ministry of Mines, Energy, and Petroleum in Libreville last month.

The contract gives Pioneer exclusive rights to explore, develop, and produce oil and gas on the offshore Olowi Block (formerly known as Block Q93).

The contract has an initial 3-year exploration period and an option for an additional 2 years. The Olowi block covers 315,000 acres in water depths less than 130 ft about 3 miles southeast of giant Gamba oil field.

Pioneer said that there are undeveloped oil and gas discoveries on the block at drilling depths to 3,500 ft . The Olowi block is located along an oil productive trend that connects Gamba oil field northwest of the block with smaller oil fields southeast of the block.