In order to maintain the engagement with the oil sector of Equatorial Guinea in light of the ongoing crisis of COVID-19 and challenging market conditions, The country’s Minister of Mines and Hydrocarbons, Gabriel Mbaga Obiang Lima, has met with an industry delegation in Malabo.
The minister met with senior representatives of ExxonMobil, Marathon Oil Corp, AMPCO, Noble Energy, Trident Energy, EG LNG, and Kosmos Energy.
Lima commended the companies for their support and interventions during the pandemic, especially for equipping the Baney Epidemiological Laboratory with the required equipment to prevent and reduce the spread of coronavirus in Equatorial Guinea.
The minister also received a letter from the industry regarding ongoing concerns over forex regulations imposed by the Bank of Central African States.
He insisted that mitigating the economic and business impact of the COVID-19 pandemic remained a priority in order to ensure sector recovery and investments across the value chain.
He explained further that COVID-19 was a major concern for the government, and listening to the concerns of local and international companies operating in the country “is for us a way to ensure industry growth and sustainability.”
He added, “The measures we have put in place will support all citizens of Equatorial Guinea, including oil and gas companies operating in the country. Once the difficult times are over, we remain confident that oil and gas operators and all of the people of Equatorial Guinea will be able to work together and getting back to work and putting the economy back on a growth trajectory.”
A statement by the ministry said, “From the beginning of the crisis, the MMH has recognised the need to double efforts on tackling ongoing industry challenges and finding new ways to do business to ensure that Equatorial Guinea remains competitive.
“While the ‘Year of Investment 2020’ was recently postponed, it has already secured tremendous interests from local and international actors, with several projects such as the Alan gas monetization and the modular refinery moving forward.”
Lima pointed out that it was important that the country plan its recovery efforts hand in hand with the industry “so that we can move quickly and efficiently when market conditions stabilise.”
According to him, the recovery of the oil sector and the resumption of key projects under the ‘Year of Investment’ is what will open up new job opportunities and create value for the economy and investors.
From rallying to the Organisation of the Petroleum Exporting Countries production cuts to signing a ministerial order extending all exploration blocks, Equatorial Guinea said it “quickly” reacted to the COVID-19 pandemic and its impact on its oil industry.
