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Oil-rich Equatorial Guinea reports more oil finds – posted by www.equatorialguineaonline.com

posted by www.equatorialguineaonline.com

MALABO, Equatorial Guinea

The government of oil-rich Equatorial Guinea says they have discovered more oil offshore and have seen the first production from another offshore block.

Monday’s press release from the Ministry of Mines, Industry and Energy says the new discoveries offshore Bioko Island should start producing in 2015. Another Bioko Island site started producing earlier this month and has reached nearly 51,000 barrels per day.

Equatorial Guinea was a backwater until American energy company Exxon Mobil discovered oil and gas in 1994. Most oil from the country, which produces billions of dollars in annual revenue, is exported to the U.S.

But the majority of citizens of the West African nation live below the poverty line, while top officials have grown wealthy.

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