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Equatorial Guinea Grants ExxonMobil Extension on Offshore Blocks

News
December 16, 2019

The Ministry of Mines and Hydrocarbons of Equatorial Guinea has granted ExxonMobil a six-month extension for offshore blocks EG06 and EG-11. Located next to legacy oil-producing Block B and EG-11, the licenses are considered highly prospective acreage. ExxonMobil discovered oil at the Block EG-06 Avestruz-1 well in October 2017 and has been assessing its commerciality 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. The company signed its production sharing contract for Block EG-06 in 2015, followed by entry into nearby Block EG-11 in 2017.

“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,” said H.E. Gabriel Mbaga Obiang Lima.