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.
The Aventine facility and EOR asset acquisitions have begun to see returns.
Rice Investment Group recently closed on an investment in Cold Bore Technology, a fracking software company the brothers behind Rice Energy see electrifying the oil field.
The digital oil field is not a technology issue; it’s a business model issue.