Thursday, September 29, 2016

Equatorial Guinea raises investment prospects in Asia during oil and gas licensing round

The Republic of Equatorial Guinea raised investment prospects in Asia during a busy week of meetings in the region, a historically integral customer of Equatorial Guinea’s liquefied natural gas (LNG).

The Ministry of Mines and Hydrocarbons delegation met with several energy companies in Singapore to promote its 2016 oil and gas licensing round. The round will strengthen ties with companies in Asia, a region that accounts for more than 90 percent of Equatorial Guinea’s total oil and gas exports.

The Minister of Mines and Hydrocarbons, H.E. Gabriel Mbaga Obiang Lima, highlighted oil and gas opportunities with several companies across the energy value chain, including exploration and production, services and construction, marketing, and trading.

The Ministry delegation last week toured the shipyard of Keppel Offshore and Marine, a company responsible for the construction of the Fortuna floating liquefied natural gas project (FLNG). The Government of Equatorial Guinea is negotiating terms with offtakers of the 2.2 million tons per year that the FLNG is expected to produce.

“Equatorial Guinea has been responding to the tectonic shifts in market conditions with a long-term strategy that makes us competitive at every level of the energy supply chain. We have a well-established production base of offshore oil and gas assets, more exploration underway and big export projects that will continue to sustain the long and proud trade relationship we enjoy with Asia’s economies,” said the Minister.

Economies in Asia are integral to Equatorial Guinea’s LNG development but Europe is expected to emerge as an attractive competitor in the coming years.

Equatorial Guinea produces 3.4 million tons per year of LNG.