EQUATORIAL GUINEA’S OIL GIANT GEPETROL UNVEILS MASSIVE REVIVAL STRATEGY WORTH BILLIONS
GEPetrol CEO Bienvenido Nguema Envo is spearheading an aggressive campaign to resurrect Equatorial Guinea’s declining oil and gas sector, with new mega-deals already secured and billions in resources at stake.
The national oil company chief is implementing a comprehensive development blitz that includes groundbreaking production sharing contracts, renewed exploration drilling, and a transformative field redevelopment program that promises to reshape West Africa’s energy landscape.
In a stunning partnership announcement, GEPetrol has joined forces with independent exploration giant Panoro Energy for Block EG-23, a treasure trove offshore asset north of Bioko Island. The collaboration gives Panoro Energy an 80% stake and operational control, while GEPetrol retains 20% of what industry experts are calling a goldmine – with estimated resources of 104 billion barrels of oil and condensate plus 215 billion cubic feet of gas.
The energy bonanza continues with GEPetrol and oil major Chevron signing production sharing contracts for Blocks EG-06 and EG-11, strategically positioned near the prolific Zafiro field. These deepwater blocks are viewed as game-changers for reversing the nation’s production decline and unlocking fresh discoveries.
In a power move that signals serious intent, GEPetrol recently assumed complete operational control of the Zafiro field – Equatorial Guinea’s crown jewel oil asset – after energy giant ExxonMobil’s dramatic exit. The company has launched an ambitious multi-phase redevelopment plan, backed by a massive $350 million technical services contract awarded to international service provider Petrofac.
“As Equatorial Guinea advances major offshore projects, redevelops legacy fields and positions itself as a regional gas hub, Nguema Envo’s leadership and vision are key to unlocking investment and production growth,” declared NJ Ayuk, Executive Chairman of the African Energy Chamber.
With Equatorial Guinea sitting on 1.1 billion barrels of proven crude oil reserves and 1.7 trillion cubic feet of natural gas, Nguema Envo’s aggressive strategy could transform the nation into a regional energy powerhouse.
Source: worldoil.com