The governments of Equatorial Guinea and Cameroon have agreed to jointly develop two contiguous gas discoveries near the countries' maritime border.
Equatorial Guinea’s Yolanda gas discovery in Block I lies directly across the border of Yoyo gas discovery situated in Cameroon’s Yoyo Block.
Discovered in 2007, both fields are currently operated by Noble Energy EG and Noble Energy Cameroon.
Under a memorandum of understanding (MoU) signed recently, both governments recognised the Yoyo-Yolanda gas condensate field as one resource and plan to jointly develop it.
Equatorial Guinea Minister of Mines and Hydrocarbons Gabriel Mbaga Obiang Lima said: "We have a proud history of developing our resources quickly and efficiently, and the signing of this agreement is another demonstration of that.
"Our partners in Cameroon share our ambition to rapidly bring the Yoyo-Yolanda field to production and to maximise the value from our nations’ abundant resources."
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In October last year, Equatorial Guinea and Cameroon governments entered a data exchange agreement that includes the Yoyo and Yolanda discoveries.
Following the signing of the MoU, the governments will now begin talks regarding unitisation of the Yoyo-Yolanda gasfield.
Yolanda is situated in 896m of water and nearly 50km east of Bioko Island.
The initial I-3 well was drilled in 2007 to a total depth of 2,890m yielded flow rates of 371bpd condensate and 36,000ft³/d of natural gas.
Yoyo is located in water depths of 528m where the YoYo-1 well also drilled in the same year tested with flow rates of 330bpd condensate and 31,000ft³/d of gas.