Equatorial Guinea Home to Latest Oil Discovery

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U.S. oil company Kosmos Energy has made an oil discovery at its S-5 well offshore of Equatorial Guinea, hitting 39 metres of net oil play, the Ministry of Mines and Hydrocarbons said told Reuters on Sunday.

“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 well was drilled at a depth of 4,400 metres and was located in the Santonian reservoir offshore in the Rio Muni basin.

Equatorial Guinea, a small West African member of the Organization of the Petroleum Exporting Countries, 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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