By:Ogi

BW Energy Ltd. will explore blocks Niosi Marin and Guduma Marin (formerly named G12-13 and H12-13), offshore southern Gabon, after signing production sharing contracts (PSCs) with Gabon’s Petroleum Minister and Minister of Economy.

The Niosi and Guduma blocks cover a surface area of 2,974 sq km and 1,927 sq km in shallow water, respectively, and are adjacent to BW Energy’s Dussafu Marin license, the company said in a release Oct. 31.

The PSC covering the Niosi block has an initial exploration period of 5 years with a work commitment of new 3D seismic data acquisition and one well. The PSC covering the Guduma block has an initial exploration period of 3 years with a work commitment of geological and geophysical studies. Both blocks have an option to extend the exploration period and enter a second phase with an additional well commitment.

“Most of the Niosi Marin and Guduma Marin acreage is within tie-back distance to existing infrastructure, enabling fast-track, low-cost development of future discoveries," said Carl K. Arnet, BE Energy's chief executive officer.

BW Energy is operator of the blocks (37.5%) with partners VAALCO Energy (37.5%) and Panoro Energy ASA (25%).