Gabon to Begin New Oil Licensing Round

4 November 2009 (Last Updated November 4th, 2009 18:30)

Gabon is set to start a new oil licensing round in May next year for more than 40 blocks from two deep-water basins, it has been announced. Geophysical company CGGVeritas’ chief geologist Steve Toothill told Reuters that the deep-water licensing round is focusing on sub-salt play

Gabon is set to start a new oil licensing round in May next year for more than 40 blocks from two deep-water basins, it has been announced.

Geophysical company CGGVeritas’ chief geologist Steve Toothill told Reuters that the deep-water licensing round is focusing on sub-salt plays.

"We have seen some big structures below the salt so there could be some very large fields... there is big potential there," Toothill told Reuters.

Toothill said that CGGVeritas had acquired 12,000km of fresh seismic data and had reprocessed a big chunk of old data.