Equatorial Guinea, RosGeo Sign First Contracts for Frontier Mineral Exploration
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Equatorial Guinea’s Ministry of Mines and Hydrocarbons and Russia’s state-owned geological company Rosgeo have signed the first contracts for the exploration of mineral and hydrocarbon resources in the country’s highly prospective Rio Muni basin.
Signed between the Ministry and JSC Zarubezhgeologia and JSC Yuzhmorgeologia, international subsidiaries of Rosgeo, the two service contracts provide for the initial phase of seismic acquisition in transit zone and state geological mapping of the basin.
JSC Zarubezhgeologia will be responsible for scouting works for state geological mapping, while JSC Yuzhmorgeologia will spearhead scouting works for complex seismic acquisition in the transit zone of Rio Muni.
Geological activities will center on surveying landscape conditions for geological surveying and prospecting; establishing the scope of mapping drilling; examining the possibility of mineralogical sampling of channel deposits; studying technical conditions for the placement of a geological camp in Rio Muni and other scouting activities to prepare for subsequent phases of exploration.
“Such exploration activities will help in extending additional natural resources potential and reserves in Rio Muni, notably crude oil, natural gas and minerals,” said H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons. “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.”
“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,” said Sergei N. Gorkov, CEO of Rosgeo.
The signing of the contracts follows a Memorandum of Understanding signed between both parties during the Russia-Africa Summit in Sochi last October, which established bilateral cooperation on airborne geophysical operations, 2D and 3D regional seismic survey in transit and deep water offshore zones, the processing and interpretation of seismic data, engineering studies and other works.