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Equatorial Guinea to launch new bidding round for offshore blocks in 2016

Reuters - UK Focus

(Adds quote, details)

CAPE TOWN, Oct (HKSE: 3366-OL.HK - news) 29 (Reuters) - Equatorial Guinea will launch a new bidding round for all remaining deep and ultra-deep water blocks next year, the energy minister said on Thursday.

"In a sustained environment of low oil prices, Equatorial Guinea continues to be attractive for deepwater exploration," said Mines, Industry and Energy Minister Gabriel Obiang Lima in a statement.

He also said the country would also not approve the sale of Hess Corporation (NYSE: HES - news) 's producing offshore assets in the country to foreign bidders.

The U.S (Other OTC: UBGXF - news) . company operates the Ceiba and Okume fields, which began production in 2000 and 2006, respectively.

Obiang Lima also confirmed that he would not extend the production sharing agreement with Exxon Mobil (Swiss: XOM.SW - news) for the Zafiro Field in Block B. (Reporting by Wendell Roelf; Editing by James Macharia)