Equatorial Guinea has signed a production-sharing contract for offshore block EG-11 with U.S. oil major ExxonMobil, the hydrocarbons ministry said on Monday.
Gabriel Obiang Lima, Minister of Mines and Hydrocarbons, said in Cape Town that the deal was not part of the 2016 licensing round, whose winning bidders are expected to be announced later on Monday.
“Block EG-11 is the jewel among a group of already very prospective blocks that we are signing in 2017,’’ Mr. Lima said.
ExxonMobil already operates Zafiro field, the largest oil producing field in Equatorial Guinea.
Equatorial Guinea is the third largest producer of oil in Sub-Saharan Africa.