The Republic of Equatorial Guinea strengthened its energy industry this week with the discovery of new offshore oil reserves.
The Ministry of Mines and Hydrocarbons and Mobil Equatorial Guinea Inc, a subsidiary of Exxon Mobil, announced the new oil exploration in the Avestruz-1 well within Block EG-06.
The relationship between Equatorial Guinea and the international oil company is further strengthened by this discovery, with the two already working in partnership in the Zafiro field, which has produced more than one billion barrels.
"The association of Equatorial Guinea with Exxon Mobil continues to produce new discoveries of oil, which demonstrates the enormous potential in this country and our environment conducive to oil and gas exploration, " said Minister Gabriel Mbega Obiang Lima.
Equatorial Guinea has a strong energy industry, and recently developed new investment opportunities at the Africa Oil & Power (AOP) 2017 Conference, in addition to new partnerships with Cameroon.
Equatorial Guinea also recently joined the Organization of the Petroleum Exporting Countries (OPEC) and is Sub-Saharan Africa’s third-largest oil and gas producer.
Earlier in 2017, Equatorial Guinea invested its resources in key infrastructure works to spur the country’s economy, including a new headquarters for Exxon Mobil.