U.S. oil company Kosmos Energy has made an oil discovery at its S-5 well offshore Equatorial Guinea, hitting 39 m of net oil play, the Ministry of Mines and Hydrocarbons said Nov. 3.
“We are very excited about the results of the S-5 well, the first well drilled in this ongoing exploration campaign,” oil minister Gabriel Obiang Lima said in a statement.
Lima’s ministry said the the well, located in the Santonian reservoir offshore in the Rio Muni Basin, was drilled to a depth of 4,400 m.
Equatorial Guinea, a small West African member of OPEC, derives more than 90% of its foreign revenues from its oil and gas industry and is hoping further exploration will help bolster dwindling reserves.
Drillers cut 62 oil rigs in the week to April 3, bringing down the total count to 562, Baker Hughes Co. said in its weekly report.
Production at the offshore Liza well is expected to reach some 120,000 barrels per day in its first phase.
Two extended-lateral Wolfcamp Shale producers completed by CrownQuest and a horizontal Frontier discovery in Wyoming’s Converse County top this week’s drilling activity highlights from around the world.