E. Guinea, Hess strengthen partnership

Obiang Nguema Mbasogo, Equatorial Guinea’s President, met with John Barnett Hess, Hess Corporation CEO, to strengthen the long-term and growing partnership between the company and the West African Nation.

During the meeting, President Obiang and Hess discussed the company’s continued investment in the country’s energy, education and science sectors. Hess representatives praised the socio-economic development the country is experiencing.

Gabriel Mbega Obiang Lima, Equatorial Guinea’s Minister of Mines, Industry and Energy, Gregory P. Hill, Hess Corporation President and COO of Exploration and Production, Brian David, International Vice President were also present at the meeting.

“Hess is an exemplary company that has been working and collaborating in the development of Equatorial Guinea for years, and that has professionally trained many Equatoguineans,” said Minister Mbega Obiang Lima at a press conference. He also alluded to the educational and social contribution the company has made to the country. Hess sponsors projects such as the National Program for Educational Development of Equatorial Guinea (PRODEGE), whose second phase was just approved, in collaboration with the Ministry of Education and Science, which will train students at the primary and secondary level.

Minister Mbega Obiang Lima expressed the desire of Equatorial Guinea and Hess Corporation to collaborate on exploitation of the oil fields of Okume and Ceiba, where both expatriate professionals and Equatoguineans work, and on long-term production and extended investment to other sectors.

Hess opened an office in Equatorial Guinea in 2001. The Company operates two offshore projects in the country — the Ceiba Field, 22 miles offshore, and the adjacent Okume Complex — with partners Tullow Oil and GEPetrol. From 2000 through April 2008, production averaged nearly 40,000 barrels a day. Production declined after drilling stopped in 2008, when the Company used state-of-the art 4D seismic data to optimize production. Drilling has resumed at Ceiba and is expected to resume at Oakum this year.

Press Release, April 10, 2014

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