ExxonMobil has signed a production sharing contract (PSC) with the government of Equatorial Guinea for a deepwater block located 36mi west of the country's capital city, Malabo.
Exxon will operate deepwater Block EG-11 with 80% working interest. Its partner, GEPetrol, holds the remaining 20%. The block covers 307,000 acres (1242sq km) and is adjacent to Exxon's Zafiro field in Block B, which is in water depths ranging 400-2800ft, and has produced over 1 billion bbl in its 20 years of production.
Exxon says it plans to acquire new and reprocess existing 3D seismic at Block EG-11.
Exxon holds multiple interests in Equatorial Guinea. Exxon subsidiary, Mobil Equatorial Guinea, operates the Zafiro field with 71.25% interest. Its partners include GEPetrol (23.75%) and Equatorial Guinea (5%). ExxonMobil Exploration and Production Equatorial Guinea (Offshore) Ltd. holds an 80% interest in block EG-06, which is adjacent to block EG-11.
Elsewhere, representatives from Equatorial Guinea announced winners from the country's EG Ronda 2016 at the Africa Oil & Power show in Cape Town, South Africa.
Out of 23 companies who expressed interest in the round, 12 submitted bids. Of those, seven companies were awarded acreage in the round.
“Some of the companies are majors, some are minors, but the important thing is that they are companies dedicated and willing to do exploration and that is the thing that needs to be done,” said H.E. Gabriel Mbaga Obiang Lima, Equatorial Guinea's Minister of Mines and Hydrocarbons, at the Africa Oil & Power show.
Equatorial Guninea closed its licensing round in April 2017, with more PSCs expected to be signed in September 2017. Equatorial Guinea officially joined Organization of Petroleum Exporting Countries (OPEC) in May 2017.
Read more
Subscribe
