Equatorial Guinea has announced plans to launch a new licensing round this year. The move which is aimed at increasing exploration and production, is crucial in the context of declining output from mature fields. Given the evolving energy landscape, attracting new investments, technologies, and both international and local participation is vital for maintaining the country’s position as a key oil and gas player in Africa.
Equatorial Guinea is positioning itself to remain a key player in Africa’s oil and gas sector while securing long-term energy sustainability and economic growth. According to Tomás Gerbasio, VP Commercial and Strategic Engagement, African Energy Chamber, exploration not only secures future production but also ensures the sustainability of Equatorial Guinea’s hydrocarbon revenues. Building on past successes like the 2019 licensing round, which saw considerable interest with 53 companies and 17 bids, the new licensing round is expected to attract significant participation.
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Development projects
In addition to the licensing round, Equatorial Guinea is also witnessing substantial development projects. For instance, Trident Energy’s successful production from its C-45 infill well is a strong signal of ongoing activity in the country’s offshore fields. Chevron’s new PSCs for EG-06 and EG-11, which include investment commitments and exploration programs, further underscore the country’s growing importance in the global oil and gas industry.
Furthermore, GEPetrol’s revitalization efforts in the Zafiro field are noteworthy. The multi-phase development plan, with Phase 1 set to begin in early 2025, aims to boost production from the country’s largest oil field. The US $350M technical services contract with Petrofac will play a crucial role in enhancing the field’s production capacity.
