London-based Ophir Energy, the developer of the Fortuna FLNG project, has signed a new production sharing contract for an offshore block in Equatorial Guinea.
Ophir signed the deal with Equatorial Guinea’s Ministry of Mines and Hydrocarbons and national oil company GEPetrol for Block EG-24 offshore Rio Muni.
Block EG-24, formerly Block EG-20 and Block M, is one of 20 exploration areas marketed during the EG Ronda 2016 licensing round and is located to the west of producing fields Ceiba and Okume, covering 3,537 square kilometers.
Ophir will operate the block and have an 80 percent interest. GEPetrol will have a 20 percent stake, with the option to increase this by another 10 percent if a commercial discovery is made.
“Ophir Energy is already an innovative and committed investor in Equatorial Guinea through Block R and the Fortuna FLNG project. We are delighted to welcome our partners to explore Block EG-24, which shows amazing signs of yielding enormous oil and gas reserves,” Minister of Mines and Hydrocarbons Gabriel Mbaga Obiang Lima said in a statement.