Equatorial Guinea Set For Upsurge In Offshore Drilling

Equatorial Guinea Ministry of Mines and Hydrocarbons says 11 new oil and gas wells are set to be drilled next year in the country with total planned investments of $2.4 billion.

So far five rigs have been contracted to drill new wells, with the line-up including greenfield offshore prospects held by ExxonMobil, Kosmos Energy, Marathon Oil, and Noble Energy.

“We have been busy in the downturn, working to improve our regulatory environment and attract new investment to the sector,” Offshore reports H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons, as saying.

“Now that the oil price is at a sustainable level, activity in the oil and gas sector is set to take off at an unprecedented pace,” the minister said.

In June 2017, the country concluded its EG Ronda 2016 bidding round, with seven companies advancing to negotiations with the ministry. Next year, more oil and gas exploration blocks will be offered under ‘EG Ronda 2019,’ according to Offshore.

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