Equatorial Guinea expects worldwide oil firms to spend about $2.Four billion on the nation’s oil and fuel trade by the top of subsequent yr, a authorities official stated.

The funding ought to embrace about 11 new wells, the official stated, asking to not be recognized as a result of the data is personal. They didn’t give a breakdown in spending by firm. In 2017, overseas direct funding throughout all industries in Equatorial Guinea was $304 million, United Nations knowledge present.

The nation has been in talks with firms together with Exxon Mobil and Kosmos Energy after becoming a member of OPEC in 2017 and providing permits to overseas explorers. It’s searching for to deal with a decade-long decline in manufacturing, which fell to about 120,000 bpd final month.

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The authorities is in discussions with Exxon over the corporate’s Zafiro discipline, the nation’s largest deposit, and as a consequence will freeze plans to carry a young there, the official stated.

Exxon didn’t reply to a request for remark, whereas Dallas-based Kosmos declined to remark earlier than an earnings name on Monday. Kosmos teamed up with Trident Energy final yr to purchase pursuits in three exploration licenses off Equatorial Guinea, in addition to Hess Corp.’s stake within the Ceiba and Okume fields.Source: www.worldoil.com

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