Petroleum Africa
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Thursday, October 26, 2017
Equatorial Guinea wants to pick up the pace of exploration in the country according to the country’s oil and gas minister, Gabriel Obiang Lima. “For Equatorial Guinea, for Nigeria, for any producers it’s the same story — we have been two years reducing costs, drilling very few wells,” Obiang said in an interview with Bloomberg in Cape Town. “We clearly have to be realistic that we’re going to be affected by the reduction in our wells, in our operations.”
The country hosted a licensing round last year and there are hopes that new discoveries and production will result from the awards, with firms like ExxonMobil and Ophir Energy gaining access to acreage. According to Lima the country is targeting 300,000 bpd of oil production.
The government recently signed PSCs with Kosmos Energy for three blocks. Kosmos also picked up Hess’ assets in the country, the Ceiba and Okume. Kosmos seems to think that with some investment it can raise production on the two fields.
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