ExxonMobil Acquires New EG Block
- Author: Zachary Reyes Jun 10, 2017,
Jun 10, 2017, 17:06
The remainder stake of 20% is held by GEPetrol after ratification of the contract by the Equatorial Guinea government.
The exploration block EG-11 covers 1,242 km² some 36 miles west of the capital Malabo; it is adjacent to the Zafiro field in Block B which has been operated by ExxonMobil for more than 20 years.
OPEC's newest member, Equatorial Guinea, has signed a production-sharing contract with ExxonMobil for offshore block EG-11, Equatorial Guinea's oil minister Gabriel Mbaga Obiang Lima said on Monday.
Elsewhere, representatives from Equatorial Guinea announced winners from the country's EG Ronda 2016 at the Africa Oil & Power show in Cape Town, South Africa.
Exxon Mobil, through Exploration and Production Equatorial Guinea, has acquired exploration acreage in a deepwater block offshore Equatorial Guinea. This new PSC gives ExxonMobil, already a lead producer in Equatorial Guinea, a stronger position in the country and is a vote of confidence in Equatorial Guinea's potential for future large discoveries and upstream developments. The state is entitled to a 20 percent carried interest participation. GEPetrol has 23.75% interest and Equatorial Guinea has 5%.
United Kingdom player Ophir Energy headed the list of acreage winners in Equatorial Guinea's latest licensing round that was dominated by smaller players.
Recall that Exxon Mobil already operates Zafiro field, the largest oil producing field in Equatorial Guinea.