OPEC’s Newest Member Looks To Raise Oil Production

25 Oct 2017   Guinea

OPEC’s newest member country, Equatorial Guinea, is seeking to lift its crude production after smaller oil companies acquired stakes in offshore oil fields operated by U.S. Hess Corporation, Equatorial Guinea’s Minister of Mines, Industry and Energy, Gabriel Mbaga Obiang Lima, told Bloomberg in an interview published on Tuesday. On Monday, Hess Corporation said that it had entered into an agreement to sell its interests in offshore Equatorial Guinea to Kosmos Energy and Trident Energy for a total consideration of US$650 million , effective January 1, 2017. Hess holds an 85-percent paying interest and is operator of the fields, while Tullow Oil holds a 15-percent paying interest, and the Republic of Equatorial Guinea holds a 5-percent carried interest. The sale is part of Hess’s strategy to invest in higher-return assets and divest more mature, higher-cost assets, while Kosmos Energy sees the deal as capturing “a material position in proven but […]

French supermajor Total places bet on offshore Guinea

10 Oct 2017   Guinea

French energy company Total said Monday it was expecting a big oil pay off from the under-explored deep waters off the coast of the Republic of Guinea. The company signed an evaluation agreement with the National Office of Petroleum of Guinea for deep and “ultra-deep” areas off the Guinean coast. “By taking this position on a new under-explored area, Total pursues its exploration strategy targeting deep offshore prospective basins,” Kevin McLachlan, a senior vice president for exploration and production at Total, said in a statement . “Therefore, Total has the opportunity to evaluate a very large area, located in an extension of the prolific Mauritania-Senegal basin where we already are.” Companies like Australia’s FAR Ltd. […]

Total to Map Guinea Oil Blocks with Option to Acquire Three

7 Oct 2017   Guinea

French oil giant Total signed an agreement on Friday with Guinea’s national oil company ONAP to carry out seismic mapping of deep and ultra-deep offshore blocks with an option to acquire three of them, a statement said. Total’s interest in Guinea expands on an already aggressive strategy in the deep waters offshore West Africa, though the deal appears less binding than those signed this year in Mauritania and Senegal where it bought stakes in blocks. The company will have one year to carry out a first evaluation of the blocks and will share the results with ONAP. “At the end of this period, the group will have the possibility of subscribing to three blocks for an exploration programme in conformity with […]