Oil consortium gets 10-year deal extension

Yuchengco group-led PetroEnergy Resources Corp. (PERC) yesterday said a consortium it was part of had secured from the government of Gabon in West Africa an extension by 10 years of exploration rights related to three producing oil fields.

PERC said in a statement the government in Libreville and the Etame Marin Consortium executed an amendment to the Etame Marin Production Sharing Contract until 2028 through two additional five-year options.

Over the past 15 years, the Etame Marin project has produced at least 100 million barrels of oil since production started in 2002.

PERC said the extension of the concession offered opportunities for both the government of Gabon and the consortium partners for additional investments, growth and revenues.

PERC holds a 2.5-percent participating interest in the Etame Marin block. The other consortium members are project operator VAALCO Gabon SA (with 33.58 percent),  Addax Petroleum Etame Inc. (33.9 percent) and Sasol Gabon SA (30 percent).

“The amendment commits the consortium partners to undertake new drillings and technical studies to be completed within two years from the effectivity of the amendment,” the company said.

PERC said that, given past production from the block, the consortium was confident that the committed drilling program for two development wells and two appraisal wells would further enhance the Etame field’s long-term commercial value.

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