The MMIE intends to build upon Equatorial Guinea’s strong reputation for exploration success by inviting oil and gas companies with the requisite financial and technical competency to explore its blocks. A total of 114 discoveries have been made in the country to date, with 48 resulting in discoveries. The discovery success rate of 42 percent is double the global average. Equatorial Guinea is pushing ahead to develop energy infrastructure, including storage, petrochemicals and floating LNG, which will support and incentivize further exploration and production.
Minister of Mines, Industry and Energy H.E. Gabriel Mbaga Obiang Lima said: “Our nation is a proven profitable home for global oil and gas companies that explore our waters, and now we look forward to meeting potential explorers at roadshow events worldwide in 2016.”
The EG Ronda 2016 makes available all acreages not currently operated or under direct negotiation. This comprises 37 blocks in total, 32 of them offshore. This includes Block A-12, newly relinquished by Marathon Oil, which has hosted multiple oil discoveries. Also open is the former EG-05 block which was once operated by Glencore plc. EG-05 was then split into four prospective offshore licenses which have never been drilled.
The MMIE will publicize the bidding round at events in London on June 20 during the Africa Assembly; in Singapore September 20-23; in Istanbul during the World Energy Congress October 9-13; and the last event in Houston in November. The bidding concludes November 30.