| TotalFinaElf announces the signature of an exploration and production sharing contract (ESPC) with the Gabonese Republic covering 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.
Through the company's subsidiaries Elf Gabon and Elf Aquitaine, TotalFinaElf holds a consolidated share of 47.5% for the block, along with Amerada Hess Production Gabon (10%) and Shell Gabon (42.5%, operator).
With this contract, TotalFinaElf once again demonstrates its commitment to developing Gabon's economy and oil industry. |
