ExxonMobil buys exploration acreage in Equatorial Guinea, Africa

ExxonMobil buys exploration acreage in Equatorial Guinea, Africa

5:49 AM, 7th June 2017
ExxonMobil logo

IRVING, US: ExxonMobil Corporation (XOM) has signed a production-sharing contract with the government of Equatorial Guinea (Africa) for a deepwater block located 36 miles west of Malabo.

Deepwater block EG-11 measures about 307,000 acres (1,242 square kilometres) and is adjacent to the Zafiro field located in Block B.

Following approval of the contract by the government, ExxonMobil will carry out the work program as an operator with an 80 percent working interest. GEPetrol holds a 20 percent working interest.

The contract includes a commitment to acquire new and reprocess existing 3-D seismic data. ExxonMobil will also work with the government of Equatorial Guinea to further develop the national workforce.

Mobil Equatorial Guinea Inc operates the Zafiro field with 71.25 percent interest. GEPetrol has 23.75 percent interest and Equatorial Guinea has 5 percent. The field is in water depths between 400 and 2,800 feet and has produced more than 1 billion barrels in its more than 20 years of production. ExxonMobil Exploration and Production Equatorial Guinea (Offshore) Ltd holds an 80 percent interest in block EG-06, which is adjacent to block EG-11.

“We are excited to add block EG-11 to our leading global deepwater acreage position and to expand the value of our important business in Equatorial Guinea,” said Steve Greenlee, president of ExxonMobil Exploration Company.

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