Malabo hands out oil deals

EQUATORIAL GUINEA HAS signed five oil concession deals, including two with Russia's Gazprom Neft.

“We have signed five new deals... including two signed and ratified with Gazprom Neft,” Gabriel Obiang Lima, minister delegate for miles, industry and energy, told delegates at the recently held Africa Energy Week in Cape Town.

Equatorial Guinea expects oil production to jump by more than 100,000 bpd within two years as new offshore developments operated by Noble Energy become ready.

The West African nation is one of the region's largest oil suppliers with an output of about 300,000 bpd.

 

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