On 9 July 2019, Perenco plc (Perenco) has been awarded by Gabonese authorities the Olowi permit. The signed agreement commits Perenco not only for the exploitation of oil but also for the implementation of an LNG project. The former operator, CNR decided to not renew the permit after the expiration of the license on 30 April 2019. The demobilisation of the FPSO âKnock Allanâ located at the Olowi Marin field was effective on 31 January 2019.  Perencoâs general manager in Gabon, Baptiste Breton, said that his company will develop the gas potential of the Olowi Marin field, liquefy it and export it. The field that holds 590 Bcf of gas in place, according to CNR, could have the potential to produce some 85,000 Mcf/d.   We assumed that Perenco is operator of the licence with 100% interest.  Background information  The Olowi permit contains the Olowi Marin oil and gas field that was operated and produced by CNR for ten years. The Olowi field has been delineated by the drilling of 15 wells by initial operator Pioneer and is characterized by an oil rim of light crude (34Â° API) which is overlain by an extensive gas cap. Then the next operator CNR focused on the development of the oil rim and cumulative production reached about 8 MMbo since inception in April 2009.
Perenco (100%) has been awarded by Gabonese authorities the Olowi permit.