The Ministry of Mines and Hydrocarbons (MMH) of Equatorial Guinea and Russia’s geological firm Rosgeo have signed two service contracts for the first phase of seismic acquisition in the transit zone, and state geological mapping in the Rio Muni area, Equatorial Guinea.
It is a follow-up to an MoU signed at the Russia-Africa Summit in Sochi last year.
Rosgeo subsidiaries JSC Zarubezhgeologia will be the scout 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 involve evaluating landscape conditions for geological surveying and prospecting, determining the scope of mapping and drilling, researching the possibility of mineralogical sampling of channel deposits, evaluating technical requirements for geological camps in Rio Muni, and other necessary tasks for the preparation of next stages of exploration.
“These exploration activities will help extend more natural resources and potential reserves in Rio Muni, notably crude oil, minerals, and natural gas. This falls under the increasing cooperation between the Republic of Equatorial Guinea and the Russian Federation, and will help in developing a strong exploration base in the country.”Gabriel Mbaga Obiang Lima, minister of mines and hydrocarbons.
“Russian geologists formed the basis of Equatorial Guinea’s geological exploration industry back in the 1970s, and we are excited to be reviving this successful partnership, and bringing in world-class geological activities to the Rio Muni area,” Sergei N. Gorkov, CEO of Rosgeo said.
The Rio Muni area is believed to be among one of the most promising exploration frontiers in Equatorial Guinea, which can once again turn the nation into a hotspot for the exploration of natural resources.
Increased exploration will not only help in sustaining and increasing the domestic output of oil and gas, but it will also provide additional mineral reserves to help Equatorial Guinea further diversify its economy.