Exxon snaps up offshore block in Equatorial Guinea

ExxonMobil has signed another production sharing agreement with Equatorial Guinea, the new OPEC member.

According to Reuters, the production has been signed for the Block EG-11, located offshore Equatorial Guinea.

Data found on Exxon’s website shows the company is already largest oil producer in the country.

It operates Block B, located offshore northwest of Bioko Island, in partnership with GEPetrol (23.75 percent) and Equatorial Guinea state (5 percent).

Also, on Friday 2nd June, the President of the Republic,  Obiang Nguema Mbasogo, oversaw the opening ceremony for the ExxonMobil new E. Guinea headquarters in Malabo II.

Update: Exxon confirms

Exxon itself has confirmed securing the offshore block in Equatorial Guinea.

“We look forward to building on our more than 20-year history of safe operations in Equatorial Guinea with this new high-quality exploration opportunity,” said Steve Greenlee, president of ExxonMobil Exploration Company. “We are excited to add block EG-11 to our leading global deepwater acreage position and to expand the value of our important business in Equatorial Guinea.”

Deepwater block EG-11 measures about 307,000 acres (1,242 square kilometers) and is adjacent to the Zafiro field located in Block B.

Following ratification of the contract by the government, ExxonMobil will carry out the work program as operator with an 80 percent working interest. GEPetrol holds a 20 percent working interest, ExxonMobil said.

The contract includes a commitment to acquire new and reprocess existing 3-D seismic data. ExxonMobil will also work with the government of Equatorial Guinea to further develop the national workforce.

Offshore Energy Today Staff

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