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The Ministry of
Mines, Industry and Energy of Equatorial Guinea (http://www.equatorialoil.com)
is pleased to announce the Ratification of Production Sharing Contract for
Block EG-06 by the government of Equatorial Guinea. The contract was signed on
January 16, 2015 between ExxonMobil Exploration and Production Equatorial
Guinea (Offshore) Limited, GEPetrol and the Government of the Republic of
Equatorial Guinea, represented by the Ministry of Mines, Industry and Energy.
Block EG-06 is located offshore Bioko Island, immediately north of Block R
(operated by Ophir Energy) 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.
US energy giant ExxonMobil has been active in Equatorial Guinea since 1995 as
operator of offshore Block B, near Bioko Island. ExxonMobil holds a
participating interest of 71.25 percent, GEPetrol has 23.75 percent and the
Equatorial Guinea government holds the remaining 5 percent. The accumulated
oil production of the Zafiro Field recently exceeded 1 billion barrels in
December of 2014.
The Ratification instrument marks the commencement of the term of the
Production Sharing Contract for Block EG-06 and therefore its enforceability
and the start of operations. As part of the minimum work obligations for this
PSC, ExxonMobil has committed to acquire 750 square kilometers of new 3D
seismic data and drill at least two wells during the five-year exploration
period.
H.E. Mr. 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."
Distributed by APO (African Press Organization) on behalf of the Ministry of
Mines, Industry and Energy of Equatorial Guinea.
CONTACT: Media Inquiries:
Mercedes Eworo Milam
Director General of Hydrocarbons
+240 222 241 068
meworomilam@mmie.gob.gq
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