Chevron commits to new oil deals

Chevron commits to new oil deals
Chevron commits to new oil deals

(Ecofin Agency) – In February 2022, information was announced indicating the intention of the American oil company Chevron to offload some of its oil and gas assets in Equatorial Guinea.

The African Energy Chamber (AEC) announced on Friday June 21, the signing by the oil and gas company Chevron, the public oil company GEPetrol and the Equatorial Guinean Ministry of Oil, of two production sharing contracts (PSC) concerning blocks EG-06 and EG-11, located in the territorial waters of Equatorial Guinea.

The company, whose plans to reduce financing in the country’s oil sector were mentioned about two years ago, is thus making an investment of around $2 billion intended for exploration and production hydrocarbons as part of its collaboration with GEPetrol.

According to Antonio Uburu Ondo, the Minister of Mines and Hydrocarbons of Equatorial Guinea, “The signing of these production sharing contracts between Chevron, GEPetrol and the ministry marks an important step in the ongoing efforts to revitalize the upstream segment.”

For several years, Equatorial Guinea, like several other oil-producing countries, has been facing a decline in its production of black gold. In question, the arrival of maturity of its main producing oil fields.

Abdel-Latif Boureima

Read also:

01/17/2024 – Equatorial Guinea: the drop in oil production will affect economic growth in 2024 (IMF)

13/11/2023 – Equatorial Guinea: Block B oil assets, now in the hands of GEPetrol

02/22/2022 – Chevron plans to sell some of its oil and gas assets in Equatorial Guinea



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