Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
Instagram Outage Disrupts Thousands of U.S. Users 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Trump Backs Nexstar–Tegna Merger Amid Shifting U.S. Media Landscape 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
The government of Equatorial Guinea has partnered with ExxonMobil in Block EG-06 through a 20-percent stake held by national oil company GEPetrol
- ExxonMobil discovered oil at its Block EG-06 Avestruz-1 well, drilled in October 2017.
- Commerciality is yet to be established for the Avestruz discovery.
- The block is located next to the legacy oil-producing Block B and EG-11, ExxonMobil’s most recently signed acreage.
MALABO, Equatorial Guinea, Dec. 11, 2017 -- ExxonMobil (http://corporate.ExxonMobil.com) has struck oil with its Avestruz-1 well in Block EG-06, announced the Ministry of Mines and Hydrocarbons of Equatorial Guinea (www.EquatorialOil.com). The well was drilled in October 2017. The operator is now assessing potential commerciality.
Avestruz-1 is located approximately 160 kilometers offshore Malabo in an exploration area adjacent to ExxonMobil’s Zafiro field, a prolific legacy oilfield in Equatorial Guinea’s northern maritime area. The company signed its production sharing contract for Block EG-06 in 2015, followed by its entry into nearby Block EG-11 in 2017.
“Equatorial Guinea’s partnership with ExxonMobil continues to yield new oil discoveries, testifying to the huge potential in this country and our enabling environment for oil and gas exploration,” said Minister of Mines and Hydrocarbons H.E. Gabriel Mbaga Obiang Lima. “We hope that commerciality will be established at Avestruz-1 and look forward to seeing more developments in the areas surrounding Block B.”
The government of Equatorial Guinea has partnered with ExxonMobil in Block EG-06 through a 20-percent stake held by national oil company GEPetrol. An ExxonMobil local subsidiary is the operator with 80 percent. At the Zafiro field in Block B, ExxonMobil’s affiliate has a 71.25 percent interest, GEPetrol has 23.75 percent and the state has 5 percent. Since 1996 Zafiro has produced over 1 billion barrels of oil.
Distributed by APO Group on behalf of Ministry of Mines, Industry and Energy Equatorial Guinea.
Media Inquiries:
Aydanur Akkurt
[email protected]
+27 76 586 7717
