Equatorial Guinea expects increased hydrocarbons production, investments in 2021

Equatorial Guinea’s Ministry of Mines and Hydrocarbons has announced the conclusion of several meetings for the evaluation of the 2021 Work and Budget Programmes pertaining to the development of its oil and gas fields.

The meetings were held in Malabo and Bata to carefully examine the country’s exploration and production dynamics and establish a roadmap for 2021.

A statement by the ministry said, “Equatorial Guinea has been touched like all its neighbours by the restrictions caused by the COVID-19 pandemic and the subsequent historic fall of oil prices. These external shocks have led to considerable cuts in foreign investment and deeply affected operational performances throughout 2020.”

Meanwhile, the country has granted special extensions for capital projects this year, allowing operators and investors to continue their geophysical and geological studies and activities and identify structures to be drilled at the end of 2021 or in 2022.

“Equatorial Guinea remains committed to providing an enabling environment for companies to operate in the country in good and bad times. We will continue to engage with all operators to make sure that the best measures are taken to support the recovery of upstream activities,” said the Minister of Mines and Hydrocarbons, Gabriel Lima.

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