What is more, the Ministry of Mines and Hydrocarbons of Equatorial Guinea has granted ExxonMobil a six-month extension for the offshore blocks.

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The two blocks in particular, are located next to legacy oil-producing Block B and the licenses are considered highly prospective acreage, according to African Energy Chamber.

It is reminded that ExxonMobil discovered oil at the Block EG-06 Avestruz-1 well in October 2017 and has been evaluating its commerciality ever since.

Avestruz-1 is located approximately 160 kilometers offshore Malabo in an exploration area adjacent to ExxonMobil’s Zafiro field- a prolific legacy oilfield in Equatorial Guinea’s northern maritime area, in water depths between 400 and 2,800 feet which has produced more than 1 billion barrels in its more than 20 years of production.

ExxonMobil signed its production sharing contract for Block EG-06 in 2015, followed by entry into nearby Block EG-11 in 2017.

Minister of Mines & Hydrocarbons Equatorial Guinea Gabriel Mbaga Obiang Lima said that

the resource potential on these two blocks is huge and we want to give the operator enough time to ascertain the full commerciality of these reservoirs.

Exxon operates the Zafiro field with 71.25% interest. ExxonMobil Exploration and Production Equatorial Guinea (Offshore) Ltd. holds an 80% interest in block EG-06, which is adjacent to block EG-11.

In September, ExxonMobil informed that it made an oil discovery on the Stabroek Block offshore Guyana at the Tripletail-1 well in the Turbot area. The discovery comes to add to the previously announced estimated recoverable resource of over 6 billion oil-equivalent barrels on the Stabroek Block.

What is more, recently, Carbon Tracker highlighted that oil and gas companies are not in line with the Paris climate goals given their projects and the investments. The oil and gas in projects that have already been sanctioned will take the world past 1.5ºC, assuming carbon capture and storage remains sub-scale.