Equatorial Guinea ratifies offshore production agreement with ExxonMobil

EGEquatorial Guinea has announced the approval of production sharing contract (PSC) for offshore Block EG-06

The contract was signed on 16 January 2015 between US-based ExxonMobil, GEPetrol and the Ministry of Mines, Industry and Energy of Equatorial Guinea.

ExxonMobil holds a participating interest of 71.25 per cent, GEPetrol has 23.75 per cent and Equatorial Guinea government holds the remaining five per cent on Block EG-06.

Equatorial Guinea minister of mines, industry and energy Gabriel Mbaga Obiang Lima 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 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.”

As part of the minimum work obligations for the PSC, ExxonMobil has committed to acquire 750 sq km of new 3D seismic data and drill at least two wells during the five-year exploration period.

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