Africa Oil & Gas: ExxonMobil makes new oil find in Equatorial Guinea Block EG-06

Darren-Exxon-Mobil-CEO-NH-1The government of Equatorial Guinea has partnered with ExxonMobil in Block EG-06 through a 20-percent stake held by national oil company GEPetrol.

  • ExxonMobil discovered oil at its Block EG-06 Avestruz-1 well, drilled in October 2017.
  • Commerciality is yet to be established for the Avestruz discovery.
  • The block is located next to the legacy oil-producing Block B and EG-11, ExxonMobil’s most recently signed acreage.

ExxonMobil has struck oil with its Avestruz-1 well in Block EG-06, announced the Ministry of Mines and Hydrocarbons of Equatorial Guinea. The well was drilled in October 2017. The operator is now assessing potential commerciality.

Avestruz-1 is located approx. 160 kms 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 its entry into nearby Block EG-11 in 2017.

‘Equatorial Guinea’s partnership with ExxonMobil continues to yield new oil discoveries, testifying to the huge potential in this country and our enabling environment for oil and gas exploration,’ said Minister of Mines and Hydrocarbons H.E. Gabriel Mbaga Obiang Lima. ‘We hope that commerciality will be established at Avestruz-1 and look forward to seeing more developments in the areas surrounding Block B.’

The government of Equatorial Guinea has partnered with ExxonMobil in Block EG-06 through a 20-percent stake held by national oil company GEPetrol. An ExxonMobil local subsidiary is the operator with 80 percent. At the Zafiro field in Block B, ExxonMobil’s affiliate has a 71.25 percent interest, GEPetrol has 23.75 percent and the state has 5 percent. Since 1996 Zafiro has produced over 1 billion barrels of oil. Source: Ministry of Mines, Industry and Energy Equatorial Guinea)

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