BusinessDay
Nigeria's leading finance and market intelligence news report.

Waltersmith Petroman wins Equitorial Guinea’s oil block license

Nigerian integrated energy company, Waltersmith Petroman Oil Limited, has been awarded Block EG-23 in Equatorial Guinea’s Niger Delta basin, following a competitive bidding process in Equatorial Guinea’s 2019 licensing round (EGRONDA 2019).

Chikezie Nwosu, Chief Executive Officer said the Government of the Republic of Equatorial Guinea offered to the International Industry a total of 27 oil and gas blocks and the entire Country for Mining exploration and received 21 offers.

Following the evaluation of the different packages of offers received from interested companies, Block EG-23 which hosts the Estaurolita gas discovery was granted to WalterSmith-Hawtai Energy- GE Petrol SA.

GE Petrol, EG’s national oil company has a 20percent participating interest in EG-23 while Waltersmith and Hawtai Energy Hongkong have 40%percent participating interest each. The EG-23 block is a shallow offshore block with water depths of about 100m.

The commercial agreements are expected to be ratified by all parties, the Equatorial Guinea Ministry of Mines and Hydrocarbons and the Equatorial Guinean Parliament in the coming weeks and signed by the President of Equatorial Guinea.

Chairman of Waltersmith Petroman Oil Limited, Abdulrasaq Isa, expressed his appreciation to the Government of Equatorial Guinea for having confidence in Waltersmith as a company, and affirmed its readiness to bring its experience and capacity to Equatorial Guinea and collaborate with its partners.

The oil company earlier promised to contribute about 271 million litres of refined products annually towards the development of Nigeria’s economy after the completion of its modular refinery currently being built at Ibigwe field in the Ohaji/Egbema Council Area of Imo state.

 

Whatsapp mobile

Get real time updates directly on you device, subscribe now.

Comments are closed, but trackbacks and pingbacks are open.