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.
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