Rosgeo plans to run airbourne geophysical surveys in Equatorial Guinea.
Joint Stock Company Rosgeo and the Ministry of Mines and Hydrocarbons of the Republic of Equatorial Guinea signed a Memorandum of Understanding during the Russia-Africa Summit in Sochi on October 23.
In accordance with the signed document, the parties will cooperate mainly in airborne geophysical operations, 2D and 3D regional seismic survey in transit and deep water offshore zone. The agreement also covers processing and interpreting of seismic data (including gravity and magnetic survey, electrochemical and geochemical studies), engineering studies and other works.
LUKOIL President Vagit Alekperov signed another MOU that opens the door for LUKOIL to explore and produce oil in Equatorial Guinea. Active in Africa since 1995, LUKOIL develops projects mainly in West and Central African countries – Ghana, Cameroon, the Democratic Republic of Congo and Nigeria.
Sergey Gorkov, Director General and Chairman of the Board of Rosgeo, and H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea, signed the document. The MOU confirms the two countries commitment to engage Rosgeo in conducting geophysical surveys in Equatorial Guinea.
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“Rosgeo’s subsidiary JSC Zarubezhgeologia successfully operated in Equatorial Guinea in the 1970s, and formed the basis for the country’s geological exploration industry,” Rosgeo’s head Sergey Gorkov, said. “The MoU signed today gives us opportunities for long-term cooperation in geological exploration.”
“Rosgeo’s return to Equatorial Guinea under this cooperation agreement will materially improve our understanding of the country’s subsurface, unlocking new prospectivity and boosting our oil and gas reserves. It will also be a game changer for our nascent mining industry,” H.E. Gabriel Mbaga Obiang Lima, said.
More than 50 African leaders have made their way to the Black Sea resort city of Sochi this week for the inaugural Russia-Africa summit. The summit is widely seen as a reflection of Russia’s push for economic and military influence in Africa. More than 3,000 delegates from African countries and Russia are at the summit to discuss everything from nuclear energy to natural resources extraction.
Equatorial Guinea made its first hydrocarbon discoveries in 1996 and since that time has become important to West African production. It joined OPEC in 2017 and is said to have the highest literacy rate in sub-Sahara Africa.
Distributed by APO Group on behalf of African Energy Chamber.