Equatorial Guinea prepares for new era for oil

‘Drill or drop’ policy will soon result in a new set of license holders that the government hopes will kick-start the West African country’s oil industry

Equatorial Guinea will next month announce the winning bids for 27 oil and gas licences that Opec’s smallest member hopes can help arrest declining production and boost dwindling reserves and export revenues.  Bids closed on September 27 for the 27 blocks—25 for exploration and two for appraisal and development—and the winners will be announced on November 27 following roadshows in Cape Town, San Antonio, London, Beijing and Equatorial Guinea’s capital, Malabo.   The China roadshows reportedly attracted interest from multiple Chinese companies including Sinochem, China Gas, Beijing Gas, PetroChina, Sinoenergy and CNOOC.  Drill or drop  The licensing round follows a tougher government line ov