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afrol News, 14 August - The New York-based energy company Amerada Hess Corporation today announced that a promising well in the Equatoguinean part of the Rio Muni Basin had been "plugged and abandoned as a dry hole." Amerada Hess, Equatorial Guinea's biggest oil producer, was however still investigating more wells in the area. The US company announced today that the so-called F-4 well drilled offshore Equatorial Guinea in the Rio Muni Basin had been given up. Reservoir sands had been present but "proved to be water bearing." The well was drilled about 13 miles northeast of the Ebano Field discovery well. Block G in the Rio Muni Basin - where Armada Hess owns an 85% working interest - however has earlier proven to contain commercially exploitable oil finds. In March this year, Armada Hess announced it had made an "important" oil discovery on the block, for the first time in rather shallow water. That well had encountered 157 feet of net oil pay. Amerada Hess today said that a further four exploration wells are scheduled to be drilled in Equatorial Guinea this year, the first of which will be spudded before the end of the month in the southern portion of Block G. Amerada Hess also said that drilling would shortly begin on an appraisal well to the Elon Field. The Equatoguinean national economy is booming due the recent start in producing and exporting offshore oil. GDP grew by an incredible 70 percent in 2001, a growth rate that is not expected to be lowered in 2002. With an oil production of 200,000 barrels a day (2001), the country reaches about one tenth of the Nigerian production. However, it has only 0.4% of Nigeria's population (450,000 as to Nigeria's 120 million). The oil wealth is however retained within the political leadership of the country. Sources: Based on Amerada Hess and afrol archives
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