Project Profile
Location: Rio Muni, Equatorial Guinea
Value: Undisclosed
Area: 3,537 square kilometres
Block EG-24 is situated offshore Rio Muni to the west of legacy producing fields Ceiba and Okume. The Ministry of Mines and Hydrocarbons, Ophir Energy and national oil company GEPetrol have signed a new production sharing contract (PSC) for Block EG-24 offshore Rio Muni, Equatorial Guinea. Block EG-24 (formerly Block EG-20 and Block M) is one of 20 exploration areas marketed during the EG Ronda 2016 licensing round and is located to the west of producing fields Ceiba and Okume, covering 3,537 square kilometres. Ophir Energy will operate the block and have an 80% interest. GEPetrol will have a 20% stake, with the option to increase this by another 10% if a commercial discovery is made. 2D and 3D seismic data cover large areas of the block.
The Block EG-24 PSC is based on Equatorial Guinea’s model PSC and mandates an initial exploration period of two sub-periods of two years each, plus two extensions of one year each. During the exploration period Ophir will purchase and process existing seismic data and acquire and interpret 3,000 square kilometres of new 3D data. The PSC then specifies a development and production period, if a commercial discovery is made, of 25 years with one five-year extension.
Operators:
Ophir Energy: 40% interest
Kosmos Energy: 40% interest
GEPetrol: 20% interest