Petroleum Africa
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Sunday, November 1, 2015
The government of Equatorial Guinea and the Ministry of Mines, Industry, and Energy released a few updates on activities taking place in its hydrocarbon sector. The Ministry gave the industry something to look forward to in 2016, saying it will launch a new licensing round for all of the remaining deep and ultra-deepwater blocks.
The country will see some wells drilled in 2016 with two operators, RoyalGate Energy and G3 Oleo e Gas, confirming that they will drill in 2016. RoyalGate Energy said it will drill on Block Z and G3 Oleo e Gas will drill on Block EG-01.
“In a sustained environment of low oil prices, Equatorial Guinea continues to be attractive for deepwater exploration,” said Minister of Mines, Industry and Energy Gabriel Mbaga Obiang Lima. “The start of two more exploration drilling campaigns in 2016 reinforces the fact that our contract terms are competitive and appealing to international explorers.”
Lima also revealed some news regarding certain firms operating in the country that was not so positive, such as the decision by the Ministry not to renew the PSC for the Zafiro field, operated by ExxonMobil. ExxonMobil is the operator of Block B, which contains the Zafiro field. ExxonMobil holds a participating interest of 71.25%, GEPetrol has 23.75% and the government holds the remaining 5%.
In addition Lima said that the Ministry would not approve the sale of Hess’ offshore assets to foreign bidders. The US company operates the Ceiba and Okume fields, which began production in 2000 and 2006, respectively. Nor would the government approve Noble Energy’s Carla and Diega developments in Blocks O and I due to project delays.
“The government of Equatorial Guinea is committed to promoting competitive exploration, contract sanctity and local content compliance,” said the Minister. “We intend to create greater opportunities for explorers in the country, including our national oil and gas companies GEPetrol and SONAGAS, which should play a greater role in the petroleum sector.”
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