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Gazprom will invest $3 billion in Equatorial Guinea oil and gas development projects

Gazprom Neft expects it will invest $3 billion in developing two blocks on the Equatorial Guinea shelf, under a PSA the company signed on Friday, Gazprom Neft CEO Aleksandr Dyukov said.

Gazprom will invest $3 billion in Equatorial Guinea oil and gas development projects

Gazprom Neft expects it will invest $3 billion in developing two blocks on the Equatorial Guinea shelf, under a PSA the company signed on Friday, Gazprom Neft CEO Aleksandr Dyukov said. "According to our preliminary estimates, the investment will be $1.5 billion on each block", Dyukov said. He said that the agreement envisions producing both crude (over 30 years) and gas (over 35 years) on the two blocks. Peak production could reach 6 to 7 million tons per year, he added.


Dyukov said that while conducting geological surveys, the Russian company would have an 80 percent stake in the joint enterprise. As development and production begin, the Guinea side could increase its share to 45 percent.


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