Equatorial Guinea's National Oil Co Inks PSC for Offshore Block EG-07

Equatorial Guinea
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The Ministry of Mines, Industry and Energy has announced that a Production Sharing Contract (PSC) for Block EG-07, offshore Bioko, has been signed between the National Oil Company of Equatorial Guinea (GEPetrol), Starc Limited and Glencore Exploration (GE) Limited and approved by the Ministry of Mines, Industry and Energy.

The signing of the EG-07 PSC followed the successful conclusion of PSC negotiations, held in Malabo, between the Ministry of Mines Industry and Energy, GEPetrol, Starc Limited and Glencore Exploration (GE) Limited. The Block R PSC remains subject to ratification by the Government of Equatorial Guinea.

Block EG-07 (formerly D-14 and E-14) is located to the west of Blocks I and Q in the Equatorial Guinea part of the Douala Basin.

Interests in the Block EG-07 licence are Starc Limited 47.5%, Glencore Exploration (GE) Limited 37.5% and GEPetrol 15.0% (carried).

The Ministry of Mines, Industry and Energy anticipates that additional PSCs will be signed before the end of 2010.


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