Equatorial Guinea
Equatoguinean oil deposits increase

afrol News, 27 February - The US oil company Amerada Hess Corporation confirms that an entire new oil field may soon be opened for exploitation offshore the small dictatorship of Equatorial Guinea. New investments are also being completed.

Amerada Hess this week announced that the G-13-2 well drilled in Block G, offshore Equatorial Guinea in the Rio Muni Basin, has confirmed a discovery made in November 2002. The G-13-2 well encountered 397 feet of net oil pay. It was drilled to a total depth of 12,565 feet in 2,625 feet of water. The G-13-2 well is located about 2.3 miles southeast of the G-13 discovery well and 13 miles south of the Ceiba Field.

Brian Maxted, Senior Vice President of Global Exploration said that "this well is very encouraging and demonstrates an important extension of the G-13 discovery. It significantly increases the likelihood that this area will prove to be an important new oil fairway. Additional appraisal drilling is planned."

Amerada Hess has an 85 percent working interest in and is the operator of Equatorial Guinea's Block G. Amerada Hess' partner in the block is Energy Africa Ltd. of South Africa, which has the remaining 15 percent working interest. The government of Equatorial Guinea would have a carried 5 percent participating interest in any production from this discovery. Amerada Hess also operates fields in the US, UK, Norway, Denmark (Faeroes), Colombia, Algeria and Gabon.

Meanwhile, the Texan company HOLT CAT(R) today announced it provides generators to power an Equatoguinean offshore oil and gas platform. The Texan company says it has "successfully delivered the main power generation system to Marathon Oil Company for use on its Alba B platform" offshore Equatorial Guinea.

In Equatorial Guinea, the new-found oil wealth is becoming increasingly disputed after it was discovered that dictator Teodoro Nguema Obiang has established several bank private accounts in the US, worth billions of dollars. The government, which is mostly composed of Mr Obiang's relatives and clan members, does not publicly account for the oil revenues.

The exiled opposition meanwhile continues to protest the great amount of foreign investments in the oil industry controlled by the Obiang regime, which it says, does not represent the Equatoguinean people. Mr Obiang never was confirmed in a free and fair poll. Also the remnant of the opposition within the country refuses to recognise the Obiang regime's legitimacy.

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