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Gabon launches new oil bidding round

Gabon officially launched a 2016 offshore bid round, offering five deep fields targeting a reversal on production slowdown, the country’s petroleum and hydrocarbons minister said

Announcing the bid round at an African Oil Week in Cape Town, Ngoubou said the ministry expected to finalise the bidding by mid-2016. Average oil output dropped in 2013 to the lowest level since 1989 with only 220,276 barrels a day (b/d). Production stagnated at around 240,000 b/d since 2006, following a decline from record production in 1996 of 365,000 b/d. Gabon held its 10th licensing round for production-sharing-contracts in October 2013. Bids for 18 blocks were made, of which 13 were successful, although this was reduced to nine deepwater blocks and ultra-deepwater blocks in July 2014. In September 2014, Gabon’s new hydrocarbons law was published. The new law has been a cause of conc

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