SEATTLE (Oil Monster): According to a recent announcement made by the African Energy Chamber (AEC), the leading U.S. energy company Chevron has signed crucial oil and gas development deal with Equatorial Guinea. A total of two production sharing contracts (PSCs) were signed between Chevron and the state-owned oil company GEPetrol for offshore blocks EG-06 and EG-11.
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The above highly-prospective blocks are situated close to producing Block B and are expected to play a vital role in Equatorial Guinea’s efforts to boost offshore exploration and production. It marks an important step towards reversing the country’s continuously declining production. Moreover, the deal is considered to help the country play a key role in ensuring West Africa’s energy security.
The blocks EG-06 and EG-11 were previously held by ExxonMobil, prior to their exit from Equatorial Guniea earlier this year. The new deal will mark the beginning of a new exploration and production campaign at the blocks, in line with the asset development plan outlined in the contract.
The partnership is a testament to the country’s commitment to revitalizing exploration and boosting production offshore, said NJ Ayuk, Executive Chairman, AEC.
