Equatorial Guinea rebuilding bridges
Relations between Malabo and international oil companies seem to be warming up again
Boosting its plan to revive flagging oil output, Equatorial Guinea has announced a new production-sharing contract (PSC) with ExxonMobil and awarded several blocks to others. It might end a period of tension with international oil companies (IOCs). The West African country has struggled amid falling oil prices, which have stunted investment interest, as well as a decline in production. Even before prices slumped, in 2014, output had declined to 281,000 barrels a day. It bumped up to 289,000 b/d the following year but that was still well beneath the 358,000 b/d output reached in 2005. Gabriel Obiang Lima, Equatorial Guinea's energy minister, told the Africa Oil and Power conference in Cape To
Also in this section
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them