Hydrocarbon Exploration Agreement

The subsidiaries of Rosgeo Zarubezhgeologia will carry out the first geological mapping, and Yuzhmorgeologia first seismic work in the Rio Muni region of Equatorial Guinea. These contracts with the country`s Ministry of Mines and Petroleum follow an agreement signed by Rosgeo and the Ministry of Equatorial Guinea at the Russo-African Summit in Sochi last October. The so-called stabilized contractual relationship: classic ideas and myths in oil exploration contracts are proven oil and gas reserves that can be estimated as economically viable through analysis of earth sciences and technical data, from a given time, from known reservoirs and in economic conditions , operating methods and state rules. which provide for the right of exploitation, unless there is evidence that an extension is sufficiently safe, that deterministic or probabilistic methods are used for the estimation. The oil and gas extraction project must be initiated or the operator must be sufficiently confident that he will launch the project within a reasonable time. [8] Rosgeologia plays an important role in Russia`s attempt to strengthen its participation in African oil and gas projects. last year. The company has signed exploration contracts with the Republic of Congo, Nigeria, Rwanda and South Sudan. The head of Rosgeologia, Sergei Gorkov, also called for the creation of a fund to finance geological exploration in Africa. “Russian geologists have been the basis of the geological exploration of Equatorial Guinea since the 1970s, and we are pleased to re-establish this fruitful collaboration and bring world-class geological activities to the territory of Rio to Muni,” Rosgeo chief Sergei Gorkov said, according to the statement.

A prospect is a potential trap that geologists believe might contain hydrocarbons. First, a considerable amount of geological, structural and seismic studies must be completed in order to redefine the potential location of lead-to-lead drilling. Four geological factors must be present to have a work perspective, and if one of them breaks down, there is no oil or gas. “Such exploration activities will help increase the potential and reserves of additional greenhouse resources in Rio Muni, particularly crude oil, natural gas and minerals. This is part of the growing cooperation between Russia and the Republic of Equatorial Guinea and will contribute to the creation of a solid exploration base in the country,” said Gabriel Mbaga Obiang Lima, the country`s minister of mines and hydrocarbons, according to a joint statement issued by Rosgeo and the African Energy Chamber. Resources are hydrocarbons that may or may not be produced in the future. A resource number can be assigned to an unvalued prospect or discovery.

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