Source Pravda.Ru

Elf Gabon Sign Development/Production Contract With The Gabonese Republic

Elf Gabon and partner MPDC Gabon have signed a development and production sharing contract (PSC) with the Gabonese Republic for the Baudroie-Merou Marine license.

The agreement covers the Baudroie, Baudroie Nord Marine, Baliste Sardine fields, located 25 kilometers offshore Olende Gabon. The fields were previously being developed under a concession license. The signature of the PSC, which replaces the previous concession agreement, extends the licenses for a further ten years until 2013.

Elf Gabon will thereby continue its development strategy with planned capital spending on this block in 2002 to include notably geological work, seismic imaging, and the drilling of an additional well in the fourth quarter.

With this agreement, Elf Gabon, a 58%-owned subsidiary of the TotalFinaElf group, confirms its confidence in and commitment to initiatives to develop Gabon's oil potential. Elf Gabon is the operator of the Baudroie-Merou Marine License with a 50% interest and MPDC Gabon (Mitsubishi Group) hold the remaining 50% interest.

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