These contracts follow the signing of a Memorandum of understanding between both entities during the Russia-Africa Summit in Sochi last October
TUE, MAY 12 2020-theG&BJournal- JSC Zarubezhgeologia and JSC Yuzhmorgeologia, internationally operating subsidiaries of the Russia’s state-owned joint stock company Rosgeo and the Ministry of Mines and Hydrocarbons (MMH) of Equatorial Guinea have signed two services contracts for the initial phase of seismic acquisition in transit zone and state geological mapping in the Rio Muni area, Equatorial Guinea. These contracts follow the signing of a Memorandum of understanding between both entities during the Russia-Africa Summit in Sochi last October.
JSC Zarubezhgeologia will be performing scouting works for state geological mapping, and JSC Yuzhmorgeologia will be performing scouting works for complex seismic acquisition in the transit zone of Rio Muni. The activities are notably aimed at analysing landscape conditions for geological surveying and prospecting, determining the scope of mapping drilling, researching the possibility of mineralogical sampling of channel deposits, analysing technical conditions for the arrangement of geological camp in Rio Muni, and other scouting necessary to prepare for next phases of exploration works.
“Such exploration activities will help in extending additional natural resources potential and reserves in Rio Muni, notably crude oil, natural gas and minerals. This falls under the increasing cooperation between the Russian Federation and the Republic of Equatorial Guinea, and will help in building a strong exploration base in the country,” state H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons.
“Russian geologists formed the basis of Equatorial Guinea’s geological exploration industry back in the 1970s, and we are delighted to be reviving this successful collaboration and bring in world-class geological activities to the Rio Muni area,” declared Sergei N. Gorkov, CEO of Rosgeo.
The Rio Muni area is believed to be one of the most promising exploration frontiers in Equatorial Guinea, which could turn the country once again into a hotspot for natural resources exploration. Increased exploration is expected not only to help in sustaining and increasing domestic output of oil and gas, but also in proving additional reserves in key minerals to help Equatorial Guinea further diversify its economy.-apo