Equatorial Guinea eyes services, diversification via Year of Energy

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EQUATORIAL Guinea’s Minister of Mines and Hydrocarbons has emphasised his country’s commitment to using its energy resources to diversify the economy. Speaking at the III Oil & Gas Meeting Day in Grand Canaria earlier this week, he gave details on multiple value-added projects currently underway and invited the global energy sector to participate in the Equatorial Guinea Year of Energy 2019 initiative.

The Year of Energy, spearheaded by the Ministry of Mines and Hydrocarbons, positions Equatorial Guinea’s as Africa’s energy hub. Through events in Nigeria, Spain, the Emirates, South Africa and Equatorial Guinea, it brings attention to issues of regional co-operation, gaining greater value from natural resources and promotes investment in world-class oil and gas projects. Key events will be the APPO CAPE VII Congress & Exhibition on April 2-5 and the GECF 5th Gas Summit on November 26-29, 2019.

Minister Gabriel Mbaga Obiang Lima announced that he expects a final investment decision on the natural gas ‘backfill’ project linking producing gas fields in Equatorial Guinea to onshore liquefied natural gas facilities in April. Local content is going to be a key part of the execution and contracting strategy as more jobs and contracts need to be awarded to citizens and companies that are compliant with the laws.

He also welcomed petroleum sector operators to explore Equatorial Guinea through the EG Ronda 2019 licensing round and told delegates that new operators would soon be entering the country to take over amortized fields.

‘Oil and gas has been fundamental to our growth and we have taken advantage of our resources to fuel development,’ said the minister, ‘but it will not be enough to secure our future. We are looking to the Canary Islands as an example that is close to home for many of us, of a place that has succeeded in building a sustainable economy on tourism and services. Equatorial Guinea will be the Singapore of the Gulf of Guinea. For that to happen, we invite our international partners to invest with us in technology, infrastructure and education and to exchange their experiences with us.’

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