BizNis Africa
Latest News
SANRAL empowers local SMMEs road maintenance providers
The present upgrading of the Moloto Road north of...
Nthwese Developments gets 2018 SAPOA Property Development Award
Nthwese Developments Bambanani Shopping Centre in Diepsloot won the...
Shopping malls remain more profitable for big brands
Shopping centres are being expanded, renovated and some newly...
Tech hubs in East Africa spur next generation of disruptors
Ongoing improvement in East Africa’s economic prospects is forecast...
Climate Investor One becomes major renewable energy development funders
Climate Fund Managers (CFM), the fund manager of the...
GRIT and Hodari officially launch Mozambican Property and Asset Management Company
Grit, the only listed Africa-focused income distribution group to...
VC4A calls for African start-up entrepreneurs to apply for investment
VC4A (https://VC4A.com)  is calling for disruptive African scale-ups looking...
Sasfin Wealth appoints new Senior Portfolio Manager
Sasfin Wealth is pleased to announce the appointment of...
Cyber and digital skills top growth threats to private business
Growth confidence is high amongst private business owners, for...
SAICA charges former Eskom CFO Anoj Singh with misconduct
The South African Institute of Chartered Accountants (SAICA) announced...

Gabriel Mbaga Obiang Lima, Equatorial Guinea Minister of Mines and Hydrocarbons

The Ministry of Mines and Hydrocarbons of Equatorial Guinea, Kosmos Energy of the US and national oil company GEPetrol have signed three new production sharing contracts (PSC) for Block EG-21, Block S and Block W offshore Rio Muni.

The deal marks Kosmos first PSCs in Equatorial Guinea.

Block EG-21 was offered for tender during the EG Ronda 2016 (Egronda2016.com) oil and gas licensing round. Block S and Block W, previously operated by CNOOC and PanAtlantic Energy respectively, were negotiated directly with Kosmos and were not offered under the open bidding round. Block EG-21 covers 2 495 square kilometers, Block S covers 1 245 square kilometers and Block W is 2 254 square kilometers. In each block, Kosmos will hold an 80 percent stake and GEPetrol will control the remaining 20 percent.

“Kosmos Energy has demonstrated extraordinary and consistent success in frontier exploration projects in West Africa. We trust Kosmos will bring important knowledge and technology to Equatorial Guinea, an established oil and gas producer in Africa with proven potential. We look forward to working with Kosmos as we continue to push the boundaries in oil and gas exploration,” says Gabriel Mbaga Obiang Lima, Equatorial Guinea Minister of Mines and Hydrocarbons.

Kosmos Energy has already earned a reputation as a top frontier explorer in West Africa, having made mega-discoveries off the coasts of Senegal and Mauritania.

Kosmos made one of the largest finds in a decade in West Africa with Ghana’s Jubilee field in 2010.

Triton Energy, where Kosmos co-founder Brian Maxted served as senior vice president for exploration, was responsible for a series of discoveries in the Rio Muni basin in Equatorial Guinea, including the Ceiba field in 1999.

The PSCs for the block are based on Equatorial Guinea’s model PSC, and stipulate minimum work programs that comprise a first exploratory period of three years, which include acquiring seismic data, a second exploratory period of two years, which includes drilling an exploratory well and the possibility of two one-year extensions, which include requirements to conduct seismic interpretation and drill another exploration well, respectively. The PSC also stipulates spending on local content and social responsibility.

Leave a Reply

%d bloggers like this: