Equatorial Guinea is ready to capitalise on expected new investment and strengthen its global standing through its ‘Year of Energy’ campaign, the countrys Ministry of Mines and Hydrocarbons said in a press release
In 2019, Equatorial Guinea will host and promote multiple events to champion its oil and gas projects and promote intra-African cooperation, including flagship events for the African Petroleum Producers’ Organisation (APPO) and the Gas Exporting Countries Forum (GECF).
An improved economic outlook in the country is largely due to expected foreign direct investment in oil and gas in 2019, with 11 new wells to be drilled.
Five platforms have been contracted for the drilling of new wells, it added. These include greenfield prospects held by ExxonMobil, Kosmos Energy, Marathon Oil and Noble Energy.
Gabriel Mbaga Obiang Lima, minister of Mines and Hydrocarbons of Equatorial Guinea, said, “We have been busy in the downturn, working to improve our regulatory environment and attract new investment to the sector. Now that the oil price is at a sustainable level, activity in the oil and gas sector is set to take off at an unprecedented pace.”
“Equatorial Guinea recognises the importance of working through influential organisations like OPEC and GECF to unite oil and gas producers and empower African countries with a voice on the international stage,” he added.
Equatorial Guinea has demonstrated the value of its exploration assets in challenging times by successfully concluding the EG Ronda 2016 bidding round. Equatorial Guinea will once again offer additional oil and gas exploration blocks for EG Ronda 2019, the Ministry noted.
“As the oil sector recovers, we are better able to diversify the overall economy. We have already moved forward with key projects in the downstream gas sector, including our regional LNG2Africa initiatives and the creation of a Gas Megahub for gas processing and exports,” concluded the minister.