Equatorial Guinea is a relative newcomer as an energy producer
Equatorial Guinea advances upstream ambitions
Recent deal with Chevron suggests the country’s upstream sector is gaining momentum
Chevron signed an agreement in December for a promising exploration block off the coast of Equatorial Guinea near the Cameroonian border. The US major now holds 80pc of block EG-09 in the Douala Basin and state-owned Gepetrol the remaining 20pc. The acreage was previously explored by South African NOC Petrosa and lies close to recent large discoveries. It sits directly south of block 1, where Chevron already produces oil from the three-year-old Aseng well. Also nearby is the highly lucrative Alen gas and condensate field, which the firm is developing via its subsidiary Noble Energy. The latest exploration agreement signals not only the US major’s growing interest in West Africa, but also the
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The JV assumes the role of Rumaila’s main contractor as a new production target is set
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Supply is gradually returning, but the market will remain tight into next year
