Equatorial Guinea intends to conduct a licensing round in 2025 to enhance exploration and production in its hydrocarbon sector. The initiative is anticipated to attract investment and technology while reinforcing the nation’s energy security amidst declining production from existing fields. The upcoming round will feature notable blocks and build upon previous successes like the 2019 licensing phase.
Equatorial Guinea is set to launch a new licensing round in 2025, aimed at revitalizing its upstream sector and enhancing exploration and production efforts. This initiative responds to the global energy landscape’s evolution and the decline in output from established fields, which is imperative for maintaining long-term energy security and generating sustainable revenue for the nation. The forthcoming licensing round is expected to draw significant capital investments and modern technologies while enabling participation from both international and domestic players in the energy market.
Under the guidance of Minister of Mines and Hydrocarbons, Antonio Oburu Ondo, Equatorial Guinea has approached the promotion of investments in its hydrocarbon sector proactively. Although technical specifics of the upcoming round have yet to be revealed, it aims to build upon previously successful licensing initiatives, further solidifying the country’s status as a prominent player in Africa’s oil and gas production sector. During the last round in 2019, 27 blocks were offered for exploration, attracting 53 companies and resulting in 17 bids.
Tomás Gerbasio, Vice President of Commercial and Strategic Engagement at the African Energy Chamber, emphasized the criticality of exploration, stating, “The importance of exploration cannot be overstated. New licensing rounds are the lifeblood of Africa’s upstream industry, ensuring that production levels remain strong and that new discoveries continue to fuel our economies.” He noted that Equatorial Guinea’s strategic vision supports advancing exploration efforts in the region.
The forthcoming licensing round will include notable blocks such as Block H and Block 02, previously operated by Atlas Oranto Petroleum and PanAtlantic Energy (Vanco Energy). This initiative coincides with a range of productive activities in the country, including Trident Energy’s successful production from the C-45 infill well, Chevron’s recent agreements for blocks EG-06 and EG-11, and advancements by VAALCO Energy in Block P.
Additionally, the national oil company, GEPetrol, is actively working to enhance production capacities, particularly in the Zafiro field offshore Block B. Following the transfer of operatorship from ExxonMobil in June 2024, GEPetrol has initiated a multi-phase development strategy designed to extend production capabilities and maximize operational efficiency. This includes a $350 million technical services contract awarded to Petrofac to support operations effectively.
Equatorial Guinea’s plans for a licensing round in 2025 highlight its commitment to invigorating its upstream sector amid evolving global energy dynamics. With strategic leadership and proactive investment initiatives, the country aims to attract capital and technological innovations, ensuring the continuation of production and discovery. The active involvement of national and international players underscores the importance of exploration in maintaining energy security for Equatorial Guinea’s economy.
Original Source: www.worldoil.com
