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ExxonMobil Signs PSC for Block EG-06

Source: www.gulfoilandgas.com 1/16/2015, Location: Africa

The Ministry of Mines, Industry and Energy is pleased to announce the signature of a new Production Sharing Contract (PSC) for Block EG-06, offshore Bioko Island, Republic of Equatorial Guinea.

The PSC was signed between the Ministry of Mines, Industry and Energy on behalf of the Government of Equatorial Guinea, ExxonMobil Exploration and Production Equatorial Guinea (Offshore) Limited and GEPetrol, the national oil company of Equatorial Guinea.

Block EG-06 is located offshore Bioko Island, immediately to the north of the Ophir Energy operated Block R and adjacent to the international border with Nigeria. Block EG-06 comprises the area formerly covered by blocks D-8, D-9, C-9, C-10 (part), C-11 (part), B-10 and B-11 (part).

The EG-06 PSC is subject to ratification by the Government of Equatorial Guinea and will not come into effect until ratification is completed.

ExxonMobil has been active in Equatorial Guinea since 1995 and 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. In December 2014 production from the Zafiro field exceeded 1 billion barrels.

H.E. Gabriel Mbaga Obiang Lima, Minister of Mines, Industry and Energy stated: I am extremely pleased that a major oil company such as ExxonMobil has reaffirmed its confidence in the Equatorial Guinea Oil and Gas sector by signing this new PSC, particularly at a time when oil prices have fallen substantially. We are hopeful that this will signal to the industry at large that Equatorial Guinea is still an attractive area to explore, even within the current lower oil price environment.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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