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Friday, April 3, 2015
In Equatorial Guinea the Ministry of Mines, Industry and Energy, ExxonMobil Exploration and Production Equatorial Guinea, and Gepetrol saw the PSC for Block EG-06 ratified. Under the PSC for Block EG-06 ExxonMobil has committed to acquire 750 sq km of new 3D seismic data and drill at least two wells during the five-year exploration period.
Block EG-06 is located offshore Bioko Island, immediately north of Block R and adjacent to the international border with Nigeria. Block EG-06 is composed of the areas previously known as D-8, D-9, a portion of C-10, a portion of C-11, B-10, and a portion of B-11.
ExxonMobil has been in Equatorial Guinea for two decades and is operator of Block B, home to the Zafiro Field.
Gabriel Mbaga Obiang Lima, Minister of Mines, Industry and Energy, said: “The Ratification of the new PSC signifies the start of a new adventure between old acquaintances and is expected to be as successful as the first one. The agreement with a supermajor like ExxonMobil is a major vote of confidence in Equatorial Guinea, even as global commodity prices remain depressed. This is added proof that offshore Equatorial Guinea continues to be an appealing jurisdiction for the exploration of hydrocarbons.”
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