Equatorial Guinea is set to launch a licensing round in 2025 aimed at increasing exploration and production in its upstream sector. Driven by the decline of output from mature fields, this initiative intends to attract investments and technologies to ensure long-term energy security. The country’s proactive approach under Minister Antonio Oburu Ondo seeks to reaffirm its position as a leading African oil and gas producer.
Equatorial Guinea is set to revitalize its upstream oil and gas sector by launching a new licensing round in 2025. This initiative aims to enhance exploration and production activities amid a declining output from mature fields. Promoting new acreage is critical for maintaining long-term energy security and generating revenue for the nation, attracting vital investments and technology for its energy landscape.
Under the stewardship of Minister Antonio Oburu Ondo, the country has adopted a proactive approach to encourage investments in its hydrocarbon sector. While specific technical details have yet to be released, the anticipated licensing round is expected to capitalize on previous successes, fortifying Equatorial Guinea’s standing as a significant oil and gas producer in Africa.
Tomás Gerbasio, Vice President of Commercial and Strategic Engagement at the African Energy Chamber, remarked, “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.”
Equatorial Guinea’s previous licensing round, held in 2019, garnered notable industry interest, with 53 participating companies and the submission of 17 bids for 27 exploration blocks. The upcoming round will feature significant blocks, including Block H and Block 02, which were previously associated with Atlas Oranto Petroleum and PanAtlantic Energy (Vanco Energy).
In light of ongoing efforts to enhance productivity, Trident Energy recently reported beneficial production from its C-45 infill well, adding over 5,000 barrels per day. Furthermore, in June 2024, Chevron signed new production-sharing contracts for blocks EG-06 and EG-11, building on its existing projects within various fields, including the Aseng and Yolanda fields.
GEPetrol, the national oil company, aims to boost production capacity, particularly focusing on the Zafiro field, which is central to its revitalization strategy. After assuming operational control from ExxonMobil in June 2024, GEPetrol initiated a multi-phase development program to optimize production at one of the nation’s largest oil fields, targeting enhanced output from early 2025.
GEPetrol has also contracted Petrofac for five years at $350 million to provide technical services, supporting operations across an FPSO and platforms while reinforcing its production enhancement efforts. These initiatives underscore Equatorial Guinea’s commitment to advancing its hydrocarbon potential and solidify its strategic role in the regional oil and gas landscape.
Equatorial Guinea’s planned licensing round in 2025 represents a significant commitment to revitalizing its oil and gas sector, enabling increased investment and technological advancement. By fostering exploration and production, the nation aims to ensure long-term energy security and maintain its status as a key player in the African energy market. Continued efforts from national and international companies, along with government initiatives, are poised to enhance production capabilities and economic growth.
Original Source: www.worldoil.com
