10 June, 2017
Elsewhere, representatives from Equatorial Guinea announced winners from the country's EG Ronda 2016 at the Africa Oil & Power show in Cape Town, South Africa.
Confirming the development, Exxon Mobil in a statement on Monday, said it has signed Production Sharing Contract with Equitorial Guniea for Oil acreage E.G. -11. "ExxonMobil is an important, trusted partner and we are excited to build on this already great relationship".
Four major oil firms won oil blocks in Equatorial Guinea on Monday. The deal was signed through direct negotiations between the concerned parties.
In addition, Exxon holds an 80-percent interest in Block EG-06, on which almost 600 square miles of 3D seismic data were acquired in 2015. GEPetrol has 23.75 percent interest and Equatorial Guinea has 5 percent.
Equatorial Guinea, Sub-Saharan Africa's third-largest oil and gas producer, joined OPEC less than two weeks ago at the Vienna summit on which the cartel chose to extend the current production cuts into March 2018. -11, hereby heading the list of acreage winners in Equatorial Guinea's latest licensing bidding round.
"We look forward to building on our more than 20-year history of safe operations in Equatorial Guinea with this new high-quality exploration opportunity", said Steve Greenlee, president of Exxon Mobil Exploration Company.
