The Ministry of Mines, Industry and Energy is pleased to announce that a Memorandum of Understanding (MOU) was signed in Malabo today between the Government of Equatorial Guinea, represented by the Ministry of Mines, Industry and Energy, and ExxonMobil, relating to Blocks D-8, D-9, C-9, C-10 (part), C-11 (part), B-10 and B-11 (part), offshore Bioko Island, Republic of Equatorial Guinea.
In the MOU, the parties agree to commence direct negotiations for Blocks D-8, D-9, C-9, C-10 (part), C-11 (part), B-10 and B-11 (part) as a single Production Sharing Contract (PSC). It is anticipated that negotiations will commence as soon as possible.
ExxonMobil operates and holds a 71.25 per cent interest in Block B, offshore Bioko Island, which contains the giant Zafiro oil field. The National Oil Company of Equatorial Guinea, GEPetrol, holds a 23.75 per cent interest and the State holds the remaining 5 per cent interest in Block B.
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