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Equatorial Guinea signs five oil concession deals

28 Sep 2010

Equatorial Guinea has signed five oil concession deals, including two with Russia’s Gazprom Neft, a senior government official said on Tuesday. ‘We have signed five new (deals)… including two signed and ratified with Gazprom Neft,’ Gabriel Obiang Lima, minister delegate for mines, industry and energy, told delegates at an energy conference in Cape Town. The oil-producing country has also signed a deal with privately held Glencore, the Swiss-based trading and mining giant, he said.

Equatorial Guinea expects oil production to jump by more than 100,000 barrels per day within two years as new offshore developments operated by Noble Energy become ready. The sub-Saharan country is one of the region’s largest oil suppliers with an output of about 300,000 barrels per day.

Back in May of this year, Repsol returned to Equatorial Guinea with the award of Block C-1 where it drilled the Langosta well in 2007. The Block was among new blocks designated ‘areas of provisional discoveries’. Also in May, the government awarded an offshore exploration block to independent oil explorer Afex Global.

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