Equatorial Guinea plans a licensing round in 2025 to boost oil exploration and production, aiming to attract investments and ensure long-term energy security. The country has taken proactive measures under Minister Antonio Oburu Ondo and emphasizes the importance of these initiatives for economic growth, as observed in the successful participation in the 2019 round. GEPetrol is also focused on revitalizing production capacity in key fields, highlighting ongoing developments in the sector.
Equatorial Guinea is set to initiate a new licensing round in 2025 to stimulate exploration and production within its upstream sector. This strategy aims to attract investment and enhance long-term energy security amid a global shift in the energy landscape, particularly given the declining outputs from mature fields. The upcoming round is projected to provide opportunities for both international entities and local stakeholders to invest in the country’s energy resources.
Under the guidance of Minister Antonio Oburu Ondo, Equatorial Guinea has taken steps to promote investment in its hydrocarbon sector. While specifics regarding the technical process are yet to be revealed, this next licensing round will strive to build on previous successes and reinforce the nation’s role as a significant oil and gas producer in Africa.
Tomás Gerbasio, Vice President of Commercial and Strategic Engagement at the African Energy Chamber, emphasized the critical role of exploration, remarking, “The importance of exploration cannot be overstated. New licensing rounds are the lifeblood of Africa’s upstream industry.” He stressed that such initiatives are essential for strong production levels and ongoing economic development within the region.
The last licensing round in 2019 generated considerable interest, yielding 53 company participations and 17 submitted bids for 27 exploration blocks. Among the blocks to be included in the upcoming round are Block H and Block 02, previously handled by Atlas Oranto Petroleum and PanAtlantic Energy.
Additionally, Equatorial Guinea has witnessed increased activity in its oil sector; Trident Energy recently reported successful production from the C-45 infill well, contributing over 5,000 barrels per day. Furthermore, Chevron signed new production-sharing contracts for blocks EG-06 and EG-11 earlier this year, which are set to enhance exploration efforts in existing fields.
The national oil company, GEPetrol, is also channeling efforts into boosting production capacity, particularly in the Zafiro field, after taking over from ExxonMobil in June 2024. GEPetrol has initiated a multi-phased development plan to extend production, beginning with efforts to reconnect previously inactive wells to the Zafiro Producer floating production unit.
As GEPetrol embarks on this revitalization journey, it aims to optimize production efficiency while exploring full-scale redevelopment plans slated for 2025. A recent $350 million technical services contract awarded to Petrofac underscores the commitment to enhancing production through expert oversight across various operational bases.
Equatorial Guinea’s impending licensing round in 2025 is a strategic initiative aimed at rejuvenating its upstream oil sector and ensuring continued energy security. By inviting both local and foreign investment, the country seeks to sustain production levels while fostering economic growth. With notable industry interest and ongoing development programs, Equatorial Guinea reinforces its position as an emerging leader in Africa’s energy landscape.
Original Source: www.worldoil.com
