The Zafiro oil field, a producing asset within offshore Block B, was relinquished last year by American oil and gas major ExxonMobil to GEPetrol, Equatorial Guinea’s national oil company, marking ExxonMobil’s exit from the country.
GEPetrol Announces Revitalization Strategy
GEPetrol, the state-owned entity responsible for hydrocarbons in Equatorial Guinea, announced on Tuesday, July 23rd, its plan to revitalize production at the Zafiro oil field located on offshore Block B.
Three-Phase Development Plan
The project consists of three key phases. The first phase, scheduled for early next year, involves reconnecting wells previously linked to the Zafiro Producer, the floating production unit (FPU) deployed on the site.
Optimization and Reassessment
Once the reconnection is complete, the second phase will focus on optimizing the operation of these wells and reducing associated costs. The final phase, currently under discussion, involves implementing a comprehensive reassessment and adopting new strategies, techniques, or technologies to increase the volume of crude oil extracted from the field.
GEPetrol Assumes Operator Role
By unveiling this new development plan for the Zafiro offshore field, whose production had significantly declined, leading to the suspension of its operations in 2022, GEPetrol is stepping into its role as the operator of this oil asset, acquired after ExxonMobil’s withdrawal.
Projected Economic Viability
According to Global Data forecasts, the Zafiro field has already delivered the majority of its recoverable oil and gas potential and, consequently, is not expected to remain economically viable beyond 2032.