Breaking News
Translate

Equatorial Guinea grants ExxonMobil extension on offshore blocks

Kindly Share This Story:

The Ministry of Mines and Hydrocarbons of Equatorial Guinea has granted ExxonMobil a six-month extension for offshore blocks EG06 and EG-11. Located next to legacy oil-producing Block B and EG-11, the licenses are considered highly prospective acreage. ExxonMobil discovered oil at the Block EG-06 Avestruz-1 well in October 2017 and has been assessing its commerciality since.

READ ALSO: Why Sanwo-Olu needs to wake-up and find his spine ― Gbadamosi

Avestruz-1 is located approximately 160 kilometers offshore Malabo in an exploration area adjacent to ExxonMobil’s Zafiro field, a prolific legacy oilfield in Equatorial Guinea’s northern maritime area. The company signed its production sharing contract for Block EG-06 in 2015, followed by entry into nearby Block EG-11 in 2017.

“The resource potential on these two blocks is huge and we want to give the operator enough time to ascertain the full commerciality of these reservoirs,” said H.E. Gabriel Mbaga Obiang Lima.

VANGUARD

Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!