Chevron, Equatorial Guinea Sign Production Sharing Contract for Block EG09
Chevron has signed an agreement with the government of Equatorial Guinea for Block EG09 – located in the Douala Basin on the border of Cameroon. The agreement grants Chevron 80% ownership with GEPetrol holding the remaining 20%.
Block EG09, previously explored by South Africa’s PetroSA, has the potential to hold sizeable oil and gas reserves owing to its close proximity to other Blocks where large-scale discoveries have been made. Notably, in August 2019, Noble announced the discovery of oil at the Aseng 6P well in Block 1 – which is already producing and located north of Block EG09. As Chevron takes over exploration, stakeholders are eagerly awaiting results.
Several major finds over the last decade emphasize the potential of the Douala Basin, leading to a number of exploration and production companies demonstrating an interest in key block including EG09. During the country’s 2019 bid licensing round – whereby 7 companies were selected and attributed concessions for 9 blocks – Block EG09 was awarded to Noble Energy and GEPetrol.
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