Sub-Saharan Africa is not the place where one might expect to find affluence, stability and economic development. The area usually reminds us of malaria, poverty and malnourished babies waiting to be adopted. However, Gabon is an exception. The Gabonese Republic is one of the most prosperous countries in all of Africa, and certainly the most affluent in the Sub-Saharan region. The country is blessed with huge oil and natural gas resources, and the way the country’s government has handled investment is exemplary. Gabon houses a number of foreign oil companies who have turned the little country into something similar to Kuwait or Bahrain.
The French-speaking oil rich nation has not been reported on frequently, mostly due to lack of interest in anything that is Sub-Saharan. All that is about to change thanks to Marathon Oil (MRO), which re-entered Gabon recently. The company expected to make significant strides in oil exploration and has teamed up with Total Gabon, a subsidiary of France’s Total (TOT) The Houston based company will take a 21.25% stake in the Diaba fields located off the southern coast of Gabon. Marathon had left Gabon way back in 2009 and its return is being welcomed by not only the Gabonese government but also by several investors who know that great profits lie ahead.
The Diaba license is a crucial oil field that covers an area of 9,075 square kilometers. Drilling is expected to begin in 2013 and Marathon seems to have worked out the details well in advance but financial terms are not yet revealed.To continue reading, click here.