Equatorial Guinea plans to initiate a licensing round in 2025 to bolster exploration and production in its upstream sector. This effort aims to attract investments and new technologies amid declining output from mature fields. Minister Antonio Oburu Ondo’s leadership fosters investments, while notable developments from various energy companies suggest a vibrant future for the nation’s energy sector.
Equatorial Guinea is set to enhance its upstream sector by launching a new licensing round in 2025. This initiative aims to boost exploration and production in light of decreasing output from existing fields. The importance of attracting investments and new technologies is crucial for ensuring long-term energy security and revenue generation in the nation’s hydrocarbon industry.
Under the guidance of Minister Antonio Oburu Ondo, Equatorial Guinea is actively promoting investment in its energy sector. Although specific technical details are yet to be revealed, this licensing round intends to capitalize on past successes, thus reinforcing its status as a prominent oil and gas producer in Africa.
Tomás Gerbasio, VP of Commercial and Strategic Engagement at the African Energy Chamber, emphasizes the importance of exploration. He states, “The importance of exploration cannot be overstated. New licensing rounds are the lifeblood of Africa’s upstream industry, ensuring that production levels remain strong and that new discoveries continue to fuel our economies.” This commitment underlines the strategic vision of Equatorial Guinea in enhancing exploration activities.
The last licensing round in 2019, which featured 27 blocks, garnered substantial interest, receiving bids from 53 companies. The forthcoming round will include Blocks H and 02, once operated by Atlas Oranto Petroleum and PanAtlantic Energy. This reflects a proactive engagement from international players in the future of Equatorial Guinea’s energy landscape.
In addition to the licensing round, Equatorial Guinea is witnessing a surge of activity in its oil and gas sector. Notable developments include Trident Energy’s successful production from C-45 infill well, Chevron’s signing of new PSCs for blocks EG-06 and EG-11, and VAALCO Energy’s drilling initiatives in Block P, significantly enhancing the country’s oil production capabilities.
GEPetrol, the national oil company, is directing its efforts towards boosting production from the Zafiro field. Following the acquisition of operatorship from ExxonMobil, GEPetrol launched a comprehensive development plan, which includes the reconnection of previously producing wells and optimization of well performance. A significant contract with Petrofac aims to reinforce these revitalization efforts.
Equatorial Guinea is strategically positioning itself to enhance its energy sector through the 2025 licensing round, focusing on exploration and production amid evolving global energy dynamics. This initiative, supported by proactive governmental and private sector engagement, highlights the nation’s commitment to attracting investment and fostering technological advancements in a competitive market. Overall, these efforts aim to secure the future of Equatorial Guinea’s hydrocarbon industry and maintain its prominence in Africa’s oil and gas landscape.
Original Source: www.worldoil.com
