Reactivation of petroleum exploration

On the eve of 12th October in Malabo, the Equatorial Guinea National Petroleum Company, Gepetrol, overseen by Antonio Oburu Ondo, signed important agreements with foreign investors, which are part of the reactivation of hydrocarbon exploration activities, and thus their production in Equatorial Guinea.

Specifically, several months of negotiations culminated in the signing of the following hydrocarbon production participation contracts (PSAs): the agreement with the British company Ophir Energy, contract for block EG24; and one with the company Cosmos Energy, contracts for blocks S, W and EG21.

Ophir Energy is equally involved, together with Gepetrol, in the implementation of the greatest current production and processing project for gas from Block R, known as the Fortuna Project.

According to Oburu Ondo, these contracts, which fit within the framework of strengthening economic activity by the Government, are part of an overwhelming response to the fall in production of hydrocarbons caused by the respective fall in oil prices on the international market.

Source: Official Web Page of the Government of the Republic of Equatorial Guinea

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