Petroleum Africa
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Monday, January 13, 2020
According to recent reports coming out of Malabo, Exxon Mobil Corp. is in talks to sell its oil assets in Equatorial Guinea, Gabriel Obiang Lima, the country’s oil minister said. A Wall Street Journal article says the supermajor’s potential departure might result in a Russian company entering the tiny West African country, but left the door open for other entrants.
Speaking to reporters on the sidelines of an energy event Minister Lima said he was in talks with Exxon about a sale of its assets in Equatorial Guinea, including its operating stake in the Zafiro field. At 90,000 bpd, the field makes up the bulk of Equatorial Guinea’s output.
A spokesman for Exxon said the U.S. oil company is “providing information to third parties that may have an interest in these assets, but no agreements have been reached and no buyer has been identified.” The spokesman added that a potential transaction wouldn’t affect the company’s exploration activities in Equatorial Guinea.
Minister Lima also said that the country would add 20,000 bpd of oil production by October. “We expect an increase this year of around 20,000 bpd additional because of the new discoveries,” the minister told reporters. Currently Equatorial Guinea produces 120,000 bpd and is a major African producer of natural gas in the form of LNG.
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