Equatorial Guinea Expects Major Oil & Gas Investments in 2020

16/12/2019

Malabo Equatorial Guinea, December 16, 2019 – Equatorial Guinea’s Ministry of Mines and Hydrocarbons (MMH) has concluded its evaluation of work programs and budget meetings of multiple oil blocks in the country, corresponding to the 2020 fiscal year, which has yielded many successful results.

A major outcome of these meetings is the expected direct investment of a minimum of $1.4 billion; a firm $1.2 billion and a contingent forecast of $273 million predicted for 2020, associated with the drilling of two wells and the continuous development of six existing wells.

The expected investment will support several oil field projects, aid in the generation of reservoir models and assist in the preparation of drilling equipment in identified prospects up until the first quarter of 2021.The investment will also generate a robust amount of direct and indirect jobs in the country’s hydrocarbon sector specifically for citizens of Equatorial Guinea.

“We expect 2020 to be the biggest year of investment in Equatorial Guinea’s hydrocarbons industry in years. This is a strong sign of our industry’s enduring attractiveness and will enable us to continue increasing oil and gas production, support local companies and create jobs.” Stated H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons.

In 2019, Noble Energy, Trident Energy and Kosmos Energy, all made offshore discoveries and will enter 2020 doing further appraisals. Those offshore campaigns are expected to yield positive results in Equatorial Guinea’s efforts to reverse oil production declines.

Noble Energy made a new discovery in Block 1 offshore Equatorial Guinea in August and Trident and Kosmos Energy made a joint oil discovery at the S-5 well in November.

Noticias

relacionadas


21
Apr
Noticia
...
Why Plastic Waste Is a C-Suite Issue

Since its invention and widespread introduction into the economy some 70 years ago, plastic has become a valuable part of business and daily life.

Leer la noticia
21
Apr
Noticia
...
Evian goes carbon neutral: 'The current health crisis provides renewed impetus to do more and create long-lasting change

Danone natural mineral water brand evian has obtained global certification for becoming carbon neutral: the result of ‘years of ambitious reduction

Leer la noticia
30
Mar
Noticia
...
Reciprocating Air Compressor Market is set to record 3?GR during forecast time

The Reciprocating Air Compressor Market is anticipated to record its name in the billion-dollar space within seven years, by exceeding a revenue of US

Leer la noticia
  • CERTIFICACIONES

  • api
  • bureau veritas