Equatorial Guinean oil and gas ministry has given ExxonMobil more time to “ascertain the full commerciality” of two offshore blocks EG06 and EG-11.
The Ministry of Mines and Hydrocarbons of Equatorial Guinea has granted ExxonMobil a six-month extension for the offshore blocks.
According to African Energy Chamber, the two blocks are located next to legacy oil-producing Block B, the licenses are considered highly prospective acreage. ExxonMobil discovered oil at the Block EG-06 Avestruz-1 well in October 2017 and has been assessing its commerciality since, the Chamber reminded.
Avestruz-1 is located approximately 160 kilometers offshore Malabo in an exploration area adjacent to ExxonMobil’s Zafiro field, a prolific legacy oilfield in Equatorial Guinea’s northern maritime area, in water depths between 400 and 2,800 feet which has produced more than 1 billion barrels in its more than 20 years of production.
ExxonMobil signed its production sharing contract for Block EG-06 in 2015, followed by entry into nearby Block EG-11 in 2017.
“The resource potential on these two blocks is huge and we want to give the operator enough time to ascertain the full commerciality of these reservoirs,” said Minister of Mines & Hydrocarbons Equatorial Guinea Gabriel Mbaga Obiang Lima.
Exxon operates the Zafiro field with 71.25 percent interest. ExxonMobil Exploration and Production Equatorial Guinea (Offshore) Ltd. holds an 80 percent interest in block EG-06, which is adjacent to block EG-11.
Offshore Energy Today Staff
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