Photo Source @equatorialoil.com
As 2020 draws to a close, the Ministry of Mines and Hydrocarbons is pleased to announce the conclusion of several meetings for the evaluation of the 2021 Work and Budget Programs pertaining to the development of the Republic of Equatorial Guinea’s oil & gas fields. The meetings were held in the cities of Malabo and Bata to carefully examine the country’s exploration & production dynamics and establish a roadmap for 2021.
The Republic of Equatorial Guinea has been touched like all its neighbours by the restrictions caused by the Covid-19 pandemic and the subsequent historic fall of oil prices. These external shocks have led to considerable cuts in foreign investment and deeply affected operational performances throughout 2020.
However, in pursuance of its firm commitment to support foreign capital in the Republic of Equatorial Guinea, the Ministry of Mines and Hydrocarbons granted special extensions for capital projects this year, allowing operators and investors to continue their geophysical and geological studies and activities and identify structures to be drilled at the end of 2021 or in 2022. “Equatorial Guinea remains committed to providing an enabling environment for companies to operate in the country in good and bad times. We will continue to engage with all operators to make sure that the best measures are taken to support the recovery of upstream activities,” declared H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons.
As a result of the meetings held in Malabo and Bata, the Ministry of Mines and Hydrocarbons is pleased to announce a forecast of foreign direct investment for 2021 of USD 1,107,046,000. Such inflow consists of USD 832,406,000 firm commitment and USD 370,642,000 contingent investment.
Renewed investment inflow in the hydrocarbons sector of the country will inevitably result in an increase in the Republic of Equatorial Guinea’s daily production of oil and gas. The Ministry of Mines and Hydrocarbons expects a substantial jump in production figures in 2021, along with key drilling activities for new wells in the Trident Energy-operated Block G.
“As the upstream sector looks up, the Ministry of Mines and Hydrocarbons will also continue its efforts to promote the key projects and opportunities that have made its Year of Investment a success despite challenging conditions this year,” added H.E. Gabriel Mbaga Obiang Lima. Several key infrastructure projects such as modular refineries and gas-based manufacturing units are currently in the pipeline and should further boost the country’s recovery in 2021.
Source: Ministry of Mines and Hydrocarbons, Equatorial Guinea
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