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Exxon said to strike oil offshore Equatorial Guinea

Published 12/11/2017, 04:12 PM
© Reuters.  Exxon said to strike oil offshore Equatorial Guinea
XOM
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  • Exxon Mobil (NYSE:XOM) has discovered oil in its EG-06 block offshore Equatorial Guinea and is assessing potential commerciality of the find, according to the country's energy ministry.
  • XOM's Avestruz-1 well is located in an exploration area adjacent to the company’s Zafiro field, a prolific legacy oilfield in Equatorial Guinea’s northern maritime area.
  • The government is a partner with XOM in block EG-06 through a 20% stake held by national oil company GEPetrol, while XOM is the operator with 80%; at the Zafiro field, XOM owns a 71.25% interest while GEPetrol holds 23.75%.
  • Now read: Energy Recap: The Tax Bills Vs. Sustainable Energy


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