Equatorial Guinea set to launch new oil & gas bid round in January

Date: 2018-09-06   Author: Shikha Sinha  Category: #industry

Equatorial Guinea set to launch new oil & gas bid round in January

Equatorial Guinea has reportedly announced that it will be launching a new bidding round for oil & gas exploration in the first quarter of 2019. According to reports, the bidding round would be for oil & gas exploration specifically in the onshore and ultra-deep regions.

Sources familiar with the development claim that the country may refuse extensions for current licenses held by oil companies if they do not collectively invest a minimum of $2 billion in Equatorial Guinea.

According to The New Times, Gabriel Obiang Lima, the country’s oil minister, stated that these license extensions – which reportedly would be negotiated in September and October – could potentially impact operations of major U.S. oil & gas players like ExxonMobil, Noble Energy, Kosmos Energy, and Marathon Oil.

For the record, Equatorial Guinea is a member of The Organization of the Petroleum Exporting Countries (OPEC) and is the third largest oil producer in Sub-Saharan Africa. Reportedly, the country primarily relies on oil & gas exports to sustain its economy.

Obiang Lima reportedly stated that the government expects all oil companies to understand that the nation only wants serious investment in oil & gas related activities and if expectations are not met then some of the extensions requested by the oil companies may not be permitted.

The government aims to bring in a large amount of FDI in the nation and expects a minimum of $2 billion to be invested across the entire oil & gas industry ranging from drilling to management and operation.

Reportedly, the nation would further launch a bidding round for diamonds, bauxite, and gold following an aero-magnetic survey. The survey will reportedly span over half of the continental Rio Muni region where approximately 2,000 boreholes have already been drilled to obtain samples.

There would three bidding options – a complete exploration of regions with no data, exploration of regions with data and samples, and regions with confirmed resources.



About Author


Shikha Sinha linkdin-boxtwitter

Shikha Sinha

Shikha currently manages the content team at AlgosOnline. An electrical & electronics engineer by education, she has prior experience in content & technology writing, content marketing, market research, and business development domains. Her other interests inc...

Read More

Post Recommendents

Innovations in surveillance system—a growth enabler in air traffic management

Author: Saipriya Iyer

Transforming air traffic management into a more interoperable, automated, modular and scalable system will potentially reap rewards from developments in virtualization and digital technologies. Seamless high-performing...


Stents industry to witness robust technological innovations with ongoing R&D activities

Author: Pankaj Singh

One of the fastest emerging verticals within the healthcare and medical devices space, the global stents market is set to witness numerous interesting trends in the coming years. Ongoing research and development in the...


Amazon India launches ‘Select’ program to assist emerging brands

Author: Shikha Sinha

E-commerce giant Amazon has reportedly started a new program called ‘Select’ in India. As per trusted sources, the program will enable emerging brands in the country to get access to a suite of brand buildi...