Equatorial Guinea to enter oil ranks

Oct. 23, 1995
Units of Mobil Corp. and United Meridian Corp. (UMC), Houston, have unveiled a phased development plan for Zafiro field on Block B off Equatorial Guinea, the countrys first commercial oil field. The West African country currently produces only gas and condensate from offshore Alba field.

Units of Mobil Corp. and United Meridian Corp. (UMC), Houston, have unveiled a phased development plan for Zafiro field on Block B off Equatorial Guinea, the countrys first commercial oil field.

The West African country currently produces only gas and condensate from offshore Alba field.

Zafiros Phase I development program includes drilling eight wells expected to produce at a combined initial rate of 40,000 b/d. Phase I, still subject to approval by the Equatorial Guinea government, will use a leased floating production, storage, and offloading vessel connected by flexible risers to subsea wells.

First phase development, to cost $133 million, will go on stream in second half 1996. Phase II operations will depend on Phase I results.

The Mobil-UMC combine found the field last March with its 1 Zafiro wildcat, which flowed at a rate of more than 10,500 b/d of oil (see map, OGJ, Mar. 27, p. 24). Three more successful wells have been drilled in the field.

Mobil acquired an interest in Block B from UMC in May 1994 and became operator last January after completion of the first wildcat. Mobil has exercised its preferential right to acquire from UMC an added 10% participating interest in Block B for $38.9 million, boosting its interest to 75%. UMC said its agreement with Mobil is in lieu of its assignment of the interest to Yukong Ltd. (OGJ, Aug. 15, 1994, p. 44). UMC retains a 25% interest. Copyright 1995 Oil & Gas Journal. All Rights Reserved.