Russia’s geological company Rosgeo and the Ministry of Mines and Hydrocarbons (MMH) of Equatorial Guinea have signed two service contracts for the initial phase of seismic acquisition in transit zone, and state geological mapping in the Rio Muni area, Equatorial Guinea
It is a follow up to a 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 include, analysing landscape conditions for geological surveying and prospecting, determining the scope of mapping and drilling, researching the possibility of mineralogical sampling of channel deposits, analysing technical conditions for the arrangement of geological camps in Rio Muni, and other necessary tasks for the preparation of next phases of exploration.
“Such exploration activities will help in extending additional natural resources and potential reserves in Rio Muni, notably crude oil, natural gas and minerals. This falls under the increasing cooperation between the Russian Federation and the Republic of Equatorial Guinea, and will help in building a strong exploration base in the country,” stated 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 delighted to be reviving this successful collaboration, and bringing in world-class geological activities to the Rio Muni area,” declared Sergei N. Gorkov, CEO of Rosgeo.
The Rio Muni area is believed to be one of the most promising exploration frontiers in Equatorial Guinea, which can once again turn the country into a hotspot for the exploration of natural resources.
Increased exploration will not just 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.