Subsidiaries of JSC Rosgeologia – JSC Zarubezhgeologiya and JSC Yuzhmorgeologiya – have signed with the Ministry of Mines and Hydrocarbons of Equatorial Guinea contracts for the first stage of work on seismic studies in the transit zone and state mapping in the Rio Muni region, Equatorialnaya Guinea. The contracts were signed in accordance with the Agreement of Intent concluded by the parties in the framework of the Russia-Africa forum in Sochi in October 2019.
According to the signed documents, Zarubezhgeologia JSC will carry out reconnaissance work necessary for further measures for state mapping, and Yuzhmorgeologiya JSC will carry out reconnaissance for integrated seismic studies in the Rio Muni transit zone. Contracts are being implemented to assess the conditions for the main geological exploration work, determine the scope of drilling, sampling capabilities, analyze the technical capabilities for organizing a geological base in Rio Muni, as well as other works necessary to prepare for the next stages of geological exploration.
“Russian geologists laid the foundations for research work in Equatorial Guinea back in the 70s of the last century,” noted Sergey Gorkov, General Director and Chairman of the Board of Rosgeology. “We are pleased to resume successful cooperation between our countries and carry out geological exploration in Equatorial Guinea at the highest professional level.”
“This exploration will help expand Rio Muni’s potential for new oil, natural gas and mineral resources,” said HE Gabriel Maga Obiang Lima, Minister of Mines and Hydrocarbons. “Cooperation with Rosgeologia corresponds to the general atmosphere of the development of relations between the Russian Federation and the Republic of Equatorial Guinea and will help build a serious research base in our country.”
Rio Muni is one of the most promising areas for exploration in Equatorial Guinea, which could allow the country to become a major center for the extraction of minerals. The search and discovery of new sources of mineral raw materials will allow the country to increase the volume of oil and gas production, as well as confirm additional reserves of key metals for diversifying the economy of Equatorial Guinea.
Rosgeologia is a Russian diversified geological holding that provides a full range of services related to geological exploration: from regional research to parametric drilling and monitoring of the state of the subsoil. The holding has unique competencies, including in the field of marine geology and offshore operations. The holding’s enterprises have discovered more than 1000 deposits, among which are the largest deposits of hydrocarbons and solid minerals. 100% of shares of JSC “Rosgeologia” are owned by the state.
