The Republic of Equatorial Guinea’s government ratified a production sharing contract (PSC) with ExxonMobil Corp. (NYSE: XOM) for offshore Block EG-06, the ministry of mines, industry and energy said April 1.
ExxonMobil Exploration and Production Equatorial Guinea (Offshore) Ltd. signed the contract Jan. 16 with the government and GEPetrol. The government was represented by the ministry.
Block EG-06 is offshore Bioko Island, immediately north of Block R (operated by Ophir Energy) and next to to the border with Nigeria. Block EG-06 is composed of the areas previously known as D-8, D-9, a portion of C-10, a portion of C-11, B-10and a portion of B-11.
ExxonMobil has operated Block B since 1995, and has a 71.25% participating interest. GEPetrol has 23.75% the government has 5%. Ratifiing the PSC marks the start of operations. Irving, Texas-based ExxonMobil will acquire 750 sq km of new 3-D seismic data, and drill at least two wells, during the five-year exploration period as part of minimum work obligations.
The Zafiro Field recently exceeded 1 Bbbl December 2014.
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