GEPETROL AND CHEVRON COMMIT TO PARTICIPATE IN OIL PRODUCTION.

SOURCE: Oil and gas

After the corresponding signatures, among the parties involved, the Minister of Mines and Hydrocarbons, Antonio Oburu highlighted, “this association is a testimony of the country's commitment to the revitalization of exploration and the increase of offshore production.”

A few days after assuming almost all the responsibility that entails the exploration and production activity of the hydrocarbon industry in Equatorial Guinea, the National company GEPetrol has just signed two important new contracts for participation in the exploration, exploitation and production of crude oil with the multinational energy company Chevrón. Sources from the national company reveal that the contract commits them to work together and combine exploration and production efforts in Blocks EG06 and EG11; blocks can serve as catalysts for a better objective for the country. The data offered by the parties ensure that these blocks are strategic areas that "could host significant oil deposits, which could once again generate large investments", employment and economic development of the country, which now has no smiles.

The recent signing of the Production Sharing Contract (PSC) between the Ministry, GEpetrol and Chevron, “marks an important milestone in the investment drive,” said Minister Antonio Oburu. On the other hand, and during the ceremony, the minister highlighted “this partnership is a testimony of the country's commitment to the revitalization of exploration and increased production on the high seas.” It is important to highlight that oil exploration and production under participation contracts with the State involve a series of commitments and responsibilities for both the companies and the government.