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Taleveras, two others win oil blocs in Equatorial Guinea

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Reuters

"Until the 2017 Bid Round, Equatorial Guinea was largely perceived as the bailiwick of United States majors and Chinese National Oil Corporations".

- ExxonMobil has signed a Production Sharing Contract for Block EG-11, contiguous to the company's current operations at the Zafiro oilfield, with the Government of Equatorial Guinea.

The Zafiro field, operated by ExxonMobil, is Equatorial Guinea's largest oil producer.

The production-sharing contract with Exxon is for a block next to the Zafiro field, operated by the USA oil supermajor. In addition, Exxon holds an 80-percent interest in Block EG-06, on which almost 600 square miles of 3D seismic data were acquired in 2015. GEPetrol holds a 20 percent working interest. Technical evaluation is under way, Exxon said. The field is in water depths between 400 and 2,800 feet and has produced more than 1bn barrels of oil in its more than two decades of production.

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Equatorial Guinea's Minister of Mines and Hydrocarbons, Gabriel Obiag-Lima made the announcement at the African Oil and Gas Conference in Cape Town, South Africa, yesterday.

Last month Equatorial Guinea on May 25 agreed to become the 14th member of Opec.

"For the first time, the 2017 Bid Round sought new ideas and fresh approaches from the diverse community of oil independents, who have delivered so much elsewhere in West Africa".

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