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Equatorial Guinea announces compliance with OPEC cuts obligations

Equatorial Guinea has announced its compliance with OPEC production cuts obligations. The minister of hydro carbons, Mr. Mbaga Lima, said its compliance is under the record OPEC+ global oil cuts deal reached in April 2020 and which took effect on the 1st of May.

While announcing the compliance yesterday, the minister also paid tribute to Saudi Arabia, the United Arab Emirates and Algeria for going above and beyond their obligations and playing a substantial role in rebalancing the market.

“I believe that the solidarity of OPEC and OPEC+ members is key for our industry this year and as we enter a recovery phase. The agreement between OPEC and OPEC+ countries is the kind of leadership that our industry needs to navigate very uncertain waters and Equatorial Guinea will keep supporting such decisions and ensuring it is fully compliant with them,” he said

Meanwhile, the country has signed five mining contracts with three different companies. It is the first mining contract in the history of the country, and follow the conclusion of the country’s first mining bidding round last year, EG Ronda 2019.

The agreements include one gold exploration contract in Block (I) with Manhattan Mining Investment Co; three prospecting contracts with Blue Magnolia Ltd in Block (B) for bauxite and precious metals, Block (K) for gold, and Block (H) for gold, uranium, iron, bauxite, basic metals and rare earth minerals; and finally one prospecting contract with Shefagold in Blocks (N) and (O) for platinum, palladium, silver, chrome, copper, magnesium, phosphorus, iron ore and related minerals.

Source: OrientEnergyReview via CrudeMix

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