The Ministry of Mines, Industry and Energy announced the Ratification of the Contract for Participation in Production (CPP) of Block EG-06, signed on January 16 of this year, between ExxonMobil Exploration and Production Equatorial Guinea (Offshore) Limited, GEPetrol and the Government of the Republic of Equatorial Guinea.
The EG-06 block is located offshore of Bioko Island, just north of Block R, operated by Ophir Energy, and adjacent to the international border with Nigeria. The EG-06 block was formed in the areas formerly known as D-8, D-9, C-9, C-10 (part) C-11 (part), B-10 and B-11 (part).
ExxonMobil is active in Equatorial Guinea since 1995 as the operator of Block B, on the coast of Bioko Island, where it holds an interest of 71.25%; the national company has 23.75% and the Government 5%. The production date of the Zafiro field, located in Block B, has risen in the month of December 2014 to a billion barrels.
The Instrument of Ratification marks the beginning of the term of the Contract for the Production of Block EG-06 and, therefore, its effectiveness and commencement of operations.
In the words of the Minister of Mines, Industry and Energy, Gabriel Mbega Obiang Lima, “the Ratification of the new CPP symbolizes the beginning of a new adventure among old friends, which we hope will be as successful as we were in the first project.”
As the Minister said at the ceremony for signing the contract, it is a satisfaction that a large company like ExxonMobil reaffirms its trust in the hydrocarbon sector of Equatorial Guinea with the signing of a new CPP, especially at a time of drastic drop in oil prices in international markets. Undoubtedly, this is a sign that Equatorial Guinea remains an attractive place for hydrocarbon exploration.
Source: Ministry of Mines, Industry and Energy
Equatorial Guinea’s Press and Information Office