Gulf Oil and Gas accountACCOUNT

Ophir Energy Awarded Offshore Acreage in EG Ronda 2016

Source: www.gulfoilandgas.com 10/17/2017, Location: Africa

The Ministry of Mines and Hydrocarbons, Ophir Energy and national oil company GEPetrol have signed a new production sharing contract (PSC) for Block EG-24 offshore Rio Muni, Equatorial Guinea. London Stock Exchange-listed Ophir Energy (LSE:OPHR.L) is already a major player offshore Equatorial Guinea in Block R, where the company is building Africa’s first deepwater floating liquefied natural gas project.

Block EG-24 (formerly Block EG-20 and Block M) is one of 20 exploration areas marketed during the EG Ronda 2016 (http://EGronda2016.com) licensing round and is located to the west of producing fields Ceiba and Okume, covering 3,537 square kilometers. Ophir Energy will operate the block and have an 80-percent interest. GEPetrol will have a 20 percent stake, with the option to increase this by another 10 percent if a commercial discovery is made. 2D and 3D seismic data cover large areas of the block.

Minister of Mines and Hydrocarbons H.E. Gabriel Mbaga Obiang Lima said: “Ophir Energy is already an innovative and committed investor in Equatorial Guinea through Block R and the Fortuna FLNG project. We are delighted to welcome our partners to explore Block EG-24, which shows amazing signs of yielding enormous oil and gas reserves. This new deal is a vote of confidence in the oil and gas sector in Equatorial Guinea and the result of a very well received global licensing round for a country like ours that has a drilling success rate above worldwide average. I look forward to Ophir’s next drilling campaign and a possible discovery.”

The Block EG-24 PSC is based on Equatorial Guinea’s model PSC and mandates an initial exploration period of two sub-periods of two years each, plus two extensions of one year each. During the exploration period Ophir will purchase and process existing seismic data and acquire and interpret 3,000 square kilometers of new 3D data. The PSC then specifies a development and production period, if a commercial discovery is made, of 25 years with one five-year extension.

For more information about related Opportunities and Key Players visit West Africa Projects

Acquisitions and Divestitures News in Equatorial Guinea >>

Australia >>  3/26/2020 - 3D Oil has announced that ConocoPhillips Australia and TDO’s wholly owned subsidiary, 3D Oil T49P have executed a Joint Operating Agreement ('JOA') in...
Australia >>  3/26/2020 - Real Energy, an Australian east coast focused gas company with interests in the Cooper and Surat Basins has announced that the Queensland Government h...

Georgia >>  3/26/2020 - Block Energy Plc has entered into a sale and purchase agreement ("SPA") with Schlumberger B.V. to acquire its subsidiary Schlumberger Rustaveli Compan...
Congo >>  3/24/2020 - Zenith Energy Ltd., has entered into a conditional Deed of Variation (the "Deed of Variation") to amend the terms of the consideration (the "Considera...

Falkland Islands >>  3/19/2020 - Rockhopper Exploration plc (RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin, provides the foll...
Brazil >>  3/18/2020 - Petrobras, following up on the release dated 01/15/2020, announces the beginning of the binding phase regarding the sale of its entire interest in two...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Equatorial Guinea Oil & Gas 1 >>  2 |

Oil & Gas Projects in Equatorial Guinea >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.