Equatorial Guinea Outlines 2003 Drilling Program

Equatorial Guinea has informally approved applications for approximately 16 new exploration wells to be drilled during 2003. The drilling plan compares to 10 wells for 2002. "All of these wells are still officially under study but we have informally approved the majority of them," said Gabriel Nguema Lima, Secretary of State for Mines and Hydrocarbons.

ExxonMobil has planned 5 wells on block B and one well on Block C. Amerada Hess has planned three wells and Marathon Oil has plans for two wells. Vanco Energy in partnership with Atlas Petroleum and Roc Oil are planning one well. ChevronTexaco and Petronas are also planning one - two wells. Currently, the country produces approximately 350,000 barrels per day.