Rosgeo signs first contracts for start of work in Equatorial Guinea
Subsidiaries of JSC Rosgeo, JSC Zarubezhgeologiya and JSC Yuzhmorgeologiya, signed contracts with the Ministry of Mining and Hydrocarbons of Equatorial Guinea for the first stage of work on seismic studies in the transit zone and state mapping in the Rio Muni region, Equatorial Guinea. The contracts were signed in accordance with the Agreement of Intent concluded by the parties in the framework of the Russia-Africa Forum in Sochi in October 2019.
According to the signed documents, Zarubezhgeologiya JSC will conduct the reconnaissance work necessary for further state mapping activities, and Yuzhmorgeologiya JSC will carry out reconnaissance for complex seismic studies in the Rio Muni transit zone. Contracts are implemented to assess the conditions for the main exploration work, determine the volume of drilling work, the possibilities of sampling, analyze the technical capabilities for organizing the geological base in Rio Muni, as well as other work necessary to prepare for the next stages of exploration.
''Russian geologists laid the foundations for research in Equatorial Guinea back in the 70s of the last century,'' said Sergey Gorkov, General Director and Chairman of the Board of Rosgeo. ''We are pleased to resume successful cooperation between our countries and conduct exploration work in Equatorial Guinea at the highest professional level.''
''These explorations will help expand Rio Muni’s potential in new oil, natural gas and mineral deposits,'' said His Excellency Gabriel Maga Obiang Lima, Minister of Mines and Hydrocarbons. ''Cooperation with Rosgeo corresponds to the general atmosphere of the development of relations between the Russian Federation and the Republic of Equatorial Guinea and will help build a serious research base in our country.''
Rio Muni is one of the most promising areas for exploration in Equatorial Guinea, which could allow the country to become a major center for the extraction of mineral raw materials. The search and discovery of new sources of mineral raw materials will allow the country to increase oil and gas production, as well as confirm additional reserves of key metals to diversify the economy of Equatorial Guinea.
