Russian geological research company, Rosgeo and the Ministry of Mines and Hydrocarbons of Equatorial Guinea signed a Memorandum of Understanding during the Russia-Africa Summit and Economic Forum on Wednesday, to cooperate on exploration activities.
Sergey Gorkov, Director-General and Chairman of the Board of Rosgeo, and H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea, jointly signed the document.
“Rosgeo’s subsidiary JSC Zarubezhgeologia successfully operated in Equatorial Guinea in the 1970s and formed the basis for the country’s geological exploration industry,” said Gorkov. “The Memorandum signed today gives us opportunities for long-term cooperation in geological exploration,” he added.
According to the signed document, the parties will cooperate primarily in airborne geophysical operations, a 2D and 3D regional seismic survey in transit and deepwater offshore zones, the processing and interpretation of seismic data (including gravity/magnetic survey, electrochemical and geochemical studies), engineering studies and other works.
“Rosgeo’s return to Equatorial Guinea under this cooperation agreement will materially improve our understanding of the country’s subsurface, unlocking new prospectivity and boosting our oil and gas reserves. It will also be a game-changer for our nascent mining industry,” said Minister Obiang Lima.