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ExxonMobil to divest in Zafiro

quatorial Guinea’s Minister of EMines and Hydrocarbons, H.E. Gabriel Mbaga Obiang Lima, has announced that U.S oil major ExxonMobil plans to sell its oil assets in Equatorial Guinea, including its operating stake in the Zafiro oilfield, which currently produces 90,000 barrels a day. The oil company is planning to sell the stake in Equatorial Guinea as part of its plan to shed $25 billion of assets worldwide as it shifts its focus to larger projects. “For the development of Zafiro we are talking to companies from Russia, the UK and Equatorial Guinea itself,” H.E. Gabriel Mbaga Obiang Lima said, adding that an announcement will be made in June about who will invest in the field. ExxonMobil’s spokesman said the U.S. oil company is “providing information to third parties that may have an interest in these assets, but no agreements have been reached and no buyer has been identified.” He further noted that a proposed deal would not impact Equatorial Guinea’s exploration activities. “For the development of Zafiro we are talking to companies from Russia, the UK and Equatorial Guinea itself.”

“In recent develop m ent, Equatorial Guinea has aimed to add 20,000 barrels per day (bpd) to its production output by increasing its production to 140,000 bpd, Minister of Mines and Hydrocarbons”, H.E. Gabriel Obiang Lima proclaimed. Further to his remarks, five additional blocks will be put up for “In recent development, Equatorial Guinea has aimed to add 20,000 barrels per day (bpd) to its production output by increasing its production to 140,000 bpd, Minister of Mines and Hydrocarbons”. licensing in April while the construction of two refineries, which are expected to process up to 40,000 bpd of crude oil, will most likely be on stream by the end of the year. Noble Energy, Trident Energy and Kosmos Energy have made recent offshore discoveries in Equatorial Guinea.

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