Oil reserves1.1 billion barrels
Oil production161,000 bpd
Gas reserves42.5 bcm
Gas production4.57 bcm
Equatorial Guinea’s oil and gas industry rose dramatically in importance after large discoveries were first made in 1996. Since then, development of its hydrocarbons resources has accelerated and now makes up around 60% of the country’s GDP. Despite a land area of just 28,000 square kilometres, the nation holds some of the largest oil and gas reserves on the continent, which drove it to become a member of OPEC in 2017. E&P activities are overseen by the Ministry of Mines and Hydrocarbons, which hands out PSCs and regulates activities.
The majority of the country’s oil and gas production and exports come from the offshore Zafiro field, which as operated by ExxonMobil until it was taken over by NOC GEPetrol earlier this year. The development is supported by several FPSOs that have been juggled on the block since it began production in 1996. Further exploration activities are required to balance the nation’s falling reserves.
Equatorial Guinea is seeking foreign investment to make the nation a trade hub for gas in the region, including with Cameroon and Nigeria. The Gas Mega Hub initiative set down by the government looks to develop and expand onshore processing infrastructure, with additional hubs throughout the region to offtake gas from stranded reserves on the country’s borders. Although the country of 1.4 billion has continued to make efforts to diversify its economy beyond hydrocarbons-based revenues, commercialisation and fiscal challenges remain its key hurdles.
Nigeria and Equatorial Guinea have signed an agreement to build and operate a 200-kilometre gas pipeline.
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Equatorial Guinea is in talks with commodities giant Trafigura for USD 2 billion in oil financing.
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Chevron has signed production-sharing contracts for two blocks off Equatorial Guinea, with plans to spend USD 2 billion on their…
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ConocoPhillips will acquire Marathon Oil Corporation in an all-stock transaction, adding more than 2 billion barrels of oil resources.
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Panoro Energy has secured the Noble Venturer drillship for a campaign in Equatorial Guinea's offshore Block G.
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Petrofac has been awarded a contract valued at around USD 350 million by Equatorial Guinea's NOC, GEPetrol.
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Panoro Energy has reached an agreement with the government of Equatorial Guinea for the award of offshore Block EG-23.
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Equatorial Guinea on Monday announced the winners of its EG Ronda 2016 bidding round, welcoming two new entrants.
Dublin-headquartered Clontarf Energy came out on…
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ExxonMobil signed on Monday a PSC with Equatorial Guinea for offshore Block EG-11, contingent to the US supermajor’s Zafiro oilfield.
The deal was reached through…
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Schlumberger and Golar LNG, through their OneLNG joint venture company, have reportedly signed an agreement with the Ministry of Mines and Hydrocarbons on a second…
READ MOREEquatorial Guinea was announced as the 14th member of OPEC on Thursday.
“Equatorial Guinea’s joining of OPEC is a triumph. This is a proud moment for us,”…
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OPEC is to extend the global production cut agreement reached last year by a further 9 months, the group decided at a meeting in Vienna on Thursday.
The cartel also…
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The spotlight last week was firmly on the African continent, where there was a lot off movement offshore Senegal and Mauritania, as well as in Nigeria. Having restored…
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Saudi Arabia and Equatorial Guinea will team up for a tank farm construction project on Bioko Island, the two countries said on Thursday.
Gathered in Jeddah for the…
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Ophir Energy announced the award of the midstream contracts for the Fortuna floating LNG offshore Equatorial Guinea on Wednesday.
Keppel Shipyard won the primary…
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The parties involved in the Fortuna floating LNG project off Equatorial Guinea on Tuesday signed the so-called umbrella agreement that puts in place the legal and…
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Equatorial Guinea and South Sudan on Monday agreed to enter into a partnership aimed and bolstering oil and gas co-operation between the two nations.
Signed in Juba…
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