MALABO,
Equatorial Guinea, October 5, 2020/ -- Last week marked an important
step in the energy
cooperation between Equatorial Guinea and Russia, as
the first team of Russia’s state-owned joint stock company Rosgeo
arrived in Equatorial Guinea to kick off a historic geological mapping
project.
The initiative has been in the making for some time, and
follows the signing of Memorandum of Understanding during the
Russia-Africa Summit in Sochi in 2019 between Rosgeo and the Ministry of
Mines and Hydrocarbons (MMH). It was followed by the signing of two
firm services contracts in May 2020 with JSC Zarubezhgeologia and JSC
Yuzhmorgeologia, internationally operating subsidiaries of Rosgeo, for
the initial phase of seismic acquisition in transit zone and state
geological mapping in the Rio Muni area in mainland Equatorial Guinea.
As
a result, JSC Zarubezhgeologia will be performing scouting works for
state geological mapping, and JSC Yuzhmorgeologia will be performing
scouting works for complex seismic acquisition in the transit zone of
Rio Muni. The activities are notably aimed at analyzing landscape
conditions for geological surveying and prospecting, determining the
scope of mapping drilling, researching the possibility of mineralogical
sampling of channel deposits, analyzing technical conditions for the
arrangement of geological camp in Rio Muni, and other scouting necessary
to prepare for next phases of exploration works.
Equally
important, the program marks the re-entry of Rosgeo into Equatorial
Guinea following successful operations of its subsidiary JSC
Zarubezhgeologia back in the 1970s. when its activities formed the basis
for Equatorial Guinea’s geological exploration industry.
“This
is a historic momen for Equatorial Guinea as we welcome once again
long-standing partners of our country to explore onshore Río Muni. We
expect this region of Equatorial Guinea to become a new natural
resources hub both for onshore oil & gas operations but also for
mining and minerals. Upcoming exploration activities will provide the
foundation for this next phase of growth in our industry, and having
Rosgeo on the ground gives us confidence and faith for a successful
exploration campaign,” declared H.E. Gabriel Mbaga Obiang Lima, Minister
of Mines and Hydrocarbons.
The Rio Muni area is believed to be
one of the most promising exploration frontiers in Equatorial Guinea,
which could turn the country once again into a hotspot for natural
resources exploration. Increased exploration is expected not only to
help in sustaining and increasing domestic output of oil and gas, but
also in proving additional reserves in key minerals to help Equatorial
Guinea further diversify its economy.
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