Energy Capital & Power, on behalf Equatorial Guinea\u2019s Ministry of Mines and Hydrocarbons (MMH), has announced the start of drilling in the Elon Field in Trident Energy-operated Block G in the Rio Muni Basin.<\/p>\n
Under its 2021 Work and Budget Program that targets $1.1 billion in foreign direct investment into the oil and gas sector, the MMH has approved the drilling of three planned infill wells \u2013 Elon-A, Elon-C and Elon-D. These wells will serve to offset declining hydrocarbon production at the nearby Ceiba and Okume fields.<\/p>\n
The Sapphire Driller rig \u2013 owned by Vantage Driller \u2013 has arrived in Equatorial Guinea and will commence drilling operations of the first part of the Elon-C well on June 22. In addition to the perforation of the three wells, a tripod structure will be permanently installed in the Elon-C well to support the production equipment and flow lines that lead the flow production fluids to the Okume platform.<\/p>\n
Located 15km offshore Equatorial Guinea, Block G is also home to the Ceiba and Okume Complex, which comprises six offshore fields in both shallow and deep-water. The block is expected to yield new development opportunities following Trident Energy\u2019s acquisition of 4D seismic in the first quarter of 2020.<\/p>\n
The MMH has set its sights on revitalizing its oil and gas sector by facilitating an influx of foreign capital and enabling operators to carry out capital-intensive E&P activities in 2021, with the aim of creating jobs and generating income for the state in the aftermath of COVID-19. As of October 2020, total crude oil production in Equatorial Guinea stood at 35.15 million barrels, translating to an average daily production of 115,250 bpd. Total condensate production amounted to 9.48 million barrels, translating to an average daily production of 31,079 bpd.<\/p>\n