US independent Harvest Natural Resources said today it will leave Gabon once the sale of its interest in its offshore Dussafu block to BW Energy Gabon is completed.
Harvest said BW Energy will buy its 67pc interest in the Dussafu production sharing contract offshore Gabon for $32mn, "subject to certain adjustments". "After giving effect to the transaction, Harvest would cease to have a presence in Gabon," the firm said. Harvest was struggling to fund its development plans for the pre-salt Ruche oil field, in the offshore Dussafu block.
Gabon has long held hopes of raising output to 500,000 b/d, notably through the development of its pre-salt potential, which offers the best chance of reversing the decline in production. But the country has been struggling to attract investment and reverse a gradual decrease in crude production, from a peak of 365,000 b/d in 1997.
Shell said in November it was in advanced discussions with a third party about the sale of its onshore operations in Gabon, where it has around 55,000 b/d of operated crude production. Shell is one of the three biggest foreign producers in the country.
Under Opec's agreement in Vienna to cut its collective production by 1.2mn b/d to 32.5mn b/d over a six-month period, Gabon committed to an output target of 193,000 b/d, down from 202,000 b/d in October. Gabon rejoined the organisation in July, after terminating its membership 21 years earlier.
