Equatorial Guinea: ExxonMobil, Taleveras, Ophir Win Oil Blocks

Jun 06, 2017

Three major oil firms, including United States oil giant, Exxon Mobil, Taleveras, and Ophir yesterday won Oil Blocks in Equatorial Guinea.

Equatorial Guinea’s Minister of Mines and Hydrocarbons Gabriel Obiag-Lima made this known at a press conference yesterday during the African Oil and Gas Conference held in Cape Town, South Africa, saying ExxonMobil has signed a Production Sharing Contract (PSC) with his country for oil acreage EG-11, effectively leading the list of acreage winners during the licensing bid round.

ExxonMobil already operates Zafiro field, the largest oil producing field in Equatorial Guinea, which is the third largest producer of oil in Sub-Saharan Africa. UK based Ophir Energy won the block EG 24, while Taleveras picked the highly potential EG-07 Oil block and Clonterf Energy landed Block EG-18.

According to the minister, the country’s 2016 open and competitive bid round was declared a success by industry analysts and watchers.

But as Equatorial Guinea announced the outcome of its licensing round, oil prices fell by about one per cent Monday on concerns that the cutting of ties with Qatar by top crude exporter, Saudi Arabia and other Arab states could hamper a global deal to reduce oil production. 

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