The Ministry of Mines and Hydrocarbons of Equatorial Guinea has selected 7 companies in its latest oil and gas auction and has attributed them concessions for 9 blocks. The national oil company of Equatorial Guinea, GEPetrol, will take part in all concessions.
Lukoil and GEPetrol were awarded the Block EG-27 (formerly Block R) in the Niger Basin, whose total potential reserves are estimated at 3.7 Tcf (approximately 105 bcm); Ophir Energy had unsuccessfully tried to raise the necessary financing to install a floating liquefied natural gas (FLNG) plant in this block. The Ministry awarded the EG-23 block in the Niger Basin, which also entailed confirmed resources (including the Estaurolita gas discovery), to a consortium of WalterSmith, Hawtai Energy and GEPetrol, the EG-09 block in the Duala Basin to Noble Energy and GEPetrol and the EG-18 block in the Rio Muni basin to Africa Oil Corporation and GEPetrol. A consortium of Vaalco Energy, Levene Energy and GEPetrol was awarded 4 blocks (EG-03, EG-04, EG-19 and Block P), while GEPetrol was awarded the Block EG-28.
The auction was launched in April 2019. It offered 26 oil and gas licenses, including 24 offshore licenses and 2 onshore licenses. The bidding round attracted interest from 53 international and national companies and 17 companies submitteed official bids. The Ministry aims to sign Production Sharing Agreements as soon as possible.
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