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Tuesday, May 12, 2020
Subsidiaries of JSC Rosgeologia – JSC Zarubezhgeologiya and JSC Yuzhmorgeologiya – signed today with the Ministry of Mining and Hydrocarbons of Equatorial Guinea contracts for the first stage of work on seismic studies in the transit zone and state mapping in the Rio Muni Equatorial region Guinea. The contracts were signed in accordance with the Agreement of Intent concluded by the parties in the framework of the Russia-Africa Forum in Sochi in October 2019.
According to the signed documents, Zarubezhgeologiya JSC will conduct the reconnaissance work necessary for further state mapping activities, and Yuzhmorgeologiya JSC will carry out reconnaissance for complex seismic studies in the Rio Muni transit zone. Contracts are implemented to assess the conditions for the main exploration work, determine the volume of drilling work, the possibilities of sampling, analyze the technical capabilities for organizing the geological base in Rio Muni, as well as other work necessary to prepare for the next stages of exploration.
“Russian geologists laid the foundation for research work in Equatorial Guinea back in the 70s of the last century,” said Sergey Gorkov, General Director and Chairman of the Board of Rosgeology. “We are pleased to resume successful cooperation between our countries and conduct exploration work in Equatorial Guinea at the highest professional level.”
“These explorations will help expand Rio Muni’s potential in new oil, natural gas and mineral deposits,” said His Excellency Gabriel Maga Obiang Lima, Minister of Mines and Hydrocarbons. “Cooperation with Rosgeology corresponds to the general atmosphere of the development of relations between the Russian Federation and the Republic of Equatorial Guinea and will help build a serious research base in our country.”
Rio Muni is one of the most promising areas for exploration in Equatorial Guinea, which could allow the country to become a major center for the extraction of mineral raw materials. Search and discovery of new sources of mineral raw materials will allow the country to increase oil and gas production, as well as confirm additional reserves of key metals to diversify the economy of Equatorial Guinea.
Rosgeology is a Russian multidisciplinary geological holding company that provides a full range of services related to geological exploration: from regional studies to parametric drilling and monitoring of the subsoil. The holding has unique competencies, including in the field of marine geology and offshore operations. Holding enterprises have discovered more than 1000 deposits, among which are the largest deposits of hydrocarbons and solid minerals. 100% of the shares of Rosgeology JSC are owned by the state.
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