The MoUs were inked on the sidelines of the Atlantic Council’s Global Energy Forum in Abu Dhabi.
MoUs have been signed with: Lukoil and GEPetrol (Niger Basin, offshore), with WalterSmith, Hawtai Energy and GEPetrol (Niger Basin offshore), with Noble Energy and GEPetrol (Duala Basin, offshore), with Africa Oil Corporation and GEPetrol (Rio Muni basin, offshore), with Vaalco Energy, Levene Energy and GEPetrol (Rio Muni Basin, onshore) and with GEPetrol (Rio Muni Basin, offshore).
In addition, the Mining Licensing Round, which had also generated interest from several investors, resulted in the signing of MoUs with Blue Magnolia; Oro Sac ACorp (M-Partners), Akoga Resources; Manhattan Mining Investment Inc, and finally Shefa Minerals.
The results coming out of the EG Ronda 2019 were very encouraging and we hope to see a robust and sustained exploration activity in Equatorial Guinea once these contracts are signed. In 2020, the Year of Investment will see the signing and execution of several such contracts and projects, not only in upstream but also midstream and downstream,
...declared H.E. Mbaga Obiang Lima, Minister of Mines and Hydrocarbons.
Exploration activity has been slowly recovering in the Gulf of Guinea.
In 2019 for instance, Noble Energy announced a discovery after drilling the Aseng 6P well at a depth of 4,000 metres in Equatorial Guinea, confirming expectations that the country remains a promising frontier for oil and gas exploration.
Recent discoveries are expected to add an additional 20,000 bopd to Equatorial Guinea’s oil production this year.