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OIL: Equatorial Guinea Aims to Increase Oil and Gas Output

OIL
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OPEC’s smallest producer, Equatorial Guinea, aims to increase oil and gas output following the exit of Exxon Mobil earlier this year, according to its oil minister cited by Bloomberg.

  • Exxon transferred assets to state-owned company GEPetrol after leaving the country earlier this year.
  • “Our national oil company will be moving into a new stage of production and exploration, that shall include the important redevelopment of the Zafiro Field,” said oil minister Antonio Oburu Ondo.
  • The Zafiro redevelopment will start in 2025 involving three phases within the year, Ondo said. Zafiro was producing 45kb/d before shutting in 2022 due to a safety incident.
  • Equatorial Guinea crude production has fallen from 140kb/d to 70kb/d over the last five years.
  • The country is also looking to expand an offshore Gas Mega Hub, producing LNG and methanol, with some pipeline feedstock from Nigeria.

 

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OPEC’s smallest producer, Equatorial Guinea, aims to increase oil and gas output following the exit of Exxon Mobil earlier this year, according to its oil minister cited by Bloomberg.

  • Exxon transferred assets to state-owned company GEPetrol after leaving the country earlier this year.
  • “Our national oil company will be moving into a new stage of production and exploration, that shall include the important redevelopment of the Zafiro Field,” said oil minister Antonio Oburu Ondo.
  • The Zafiro redevelopment will start in 2025 involving three phases within the year, Ondo said. Zafiro was producing 45kb/d before shutting in 2022 due to a safety incident.
  • Equatorial Guinea crude production has fallen from 140kb/d to 70kb/d over the last five years.
  • The country is also looking to expand an offshore Gas Mega Hub, producing LNG and methanol, with some pipeline feedstock from Nigeria.

 

Keep reading...Show less