Chevron signs on to explore two blocks off Equatorial Guinea

Equatorial Guinea

MALABO, June 24, 2024 – Chevron has signed production-sharing contracts for two blocks offshore Equatorial Guinea, with plans to spend USD 2 billion on their exploration, international media reported on Monday.

Blocks EG-06 and EG-11 were previously held by ExxonMobil.

Chevron signed the PSCs with Equatorial Guinea’s Ministry of Mines and Hydrocarbons and is set to work alongside NOC GEPetrol.

Equatorial Guinea’s oil production has declined from 284,000 bopd in 2014 to just 88,000 bopd in 2023, according to the latest edition of the EI Statistical Review of World Energy, released Thursday.

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