Sinopec to bid for 42 offshore oil blocks in Gabon
13 Sep 2010
China's state owned Sinopec, Asia's largest oil refiner is stepping up overseas hydrocarbon asset acquisitions by planning to bid for 42 offshore oilfields off the west central African country Gabon, the company's president Su Shulin said late last week.
Speaking to reporters in Libreville, the capital of Gabon after meeting the country's energy minister, Shulin said, "It's an opportunity for us and we will do everything possible to seize it.''
Gabon, Africa's seventh largest oil producer, is offering 42 additional offshore deepwater and ultra-deepwater oil blocks for exploration through a tender process scheduled to be held on 27 October 2010.
Gabon had delayed the tender process from May to October, citing overwhelming interest shown by overseas oil majors.
Oil has been the main feeder for the Gabonese economy and contributes about 65 per cent of the government's revenue. Most of Gabon's oil is produced from Rabi-Kounga field that is operated by Royal Dutch Shell.
China, which is currently the third-biggest importer of oil after replacing Japan as the second-largest oil consumer in 2003, feels compelled to secure energy assets to sustain its rapid economic development in the future.