Europa Oil & Gas Secures Chinese Partner for Equatorial Guinea Offshore Drilling
UK-listed Europa Oil & Gas has finalized a binding farm-out agreement with Fuhai (Beijing) Energy, bringing the Chinese investor into the EG-08 production sharing contract offshore Equatorial Guinea. Through Europa’s affiliate Antler Global, Fuhai will acquire a 40% working interest and will fund 95% of the Barracuda exploration well, up to $53 million, while Antler Global retains operatorship and covers the remaining 5%. Once completed, Antler Global and Fuhai will each hold 40% of the block, with the remaining 20% owned by state oil company GEPetrol. Located in the shallow-water Douala Basin, EG-08 contains three high-graded prospects.
The Barracuda prospect is estimated at 893 billion cubic feet of gas, within a total prospective resource base of 2.2 trillion cubic feet. The transaction, which significantly reduces Europa’s financial exposure while accelerating drilling plans, is subject to regulatory approval and underpins plans to drill the well in 2026. The licence area lies immediately north of Chevron’s producing Alen and Aseng fields, as well as several other established discoveries, highlighting the strong commercial potential of the acreage.
Source: energycapitalpower.com, angolanminingoilandgas.com
