Equatorial Guinea’s Ministry of Mines and Hydrocarbons says it expects $1.2 billion of investments in the country’s hydrocarbon sector in 2020.
Pledges by various oil companies include drilling of two exploration wells and work on six development wells.
The investments will support various oil field projects, and preparation of reservoir models and drilling equipment for identified prospects through Q1 2021.
“We expect 2020 to be the biggest year of investment in Equatorial Guinea’s hydrocarbons industry in years,” said Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons.
So far this year Noble Energy (Block 1) and Trident Energy/Kosmos Energy (the S-5 well) have all made offshore discoveries and these companies will enter 2020 undertaking further appraisals, the Ministry said.
Positive results should help reverse the country’s oil production declines.