Equatorial Guinea takes back gas-prone deepwater block

Ophir Energy has relinquished block R offshore Equatorial Guinea after the government declined to extend the production-sharing contract.

Offshore staff

MALABO, Equatorial GuineaOphir Energy has relinquished block R offshore Equatorial Guinea after the government declined to extend the production-sharing contract.

H.E Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons, said: “The Ministry recognizes and strongly appreciates the commitment of Ophir in its exploration activities in Equatorial Guinea and welcomes further investment in appropriate opportunities in the hydrocarbon sector.”

Ophir discovered six commercial fields across the license. After initiating its work program in 2008, three exploration wells led to the Fortuna and Lykos gas discoveries.

The company planned a deepwater development via theFortuna FLNG vessel, but failed to secure financial backing for the investment.

Block R covers 2,450 sq km (946 sq mi) in the Distal Niger Delta, 140 km (87 mi) offshore Bioko Island, in water depths ranging from 600-1,950 m (1,968-6,397 ft).

Estimated recoverable resources are 3.4 tcf, of which the Fortuna field accounts for around 1.3 tcf, followed by the Silenus Complex (1.2 tcf), the Tonal discovery (500 bcf), and other smaller finds that collectively contain 400 bcf.

01/24/2019

More in Regional Reports