The Ministry of Mines, Industry and Energy is implementing a number of landmark projects to add to the oil and gas value chain and promote industrial sectors. As the sector faces persisting oil production declines from maturing offshore fields, the effort to explore for additional reserves continues. In 2014, 16 offshore blocks were awarded in the country’s first open licensing round. A lot more exploration acreage is available for bidding.
Other projects include Bioko Oil Terminal, which will be the largest petroleum liquid storage facility in the region, serving as a midpoint between Europe and Asia for shipments of crude oil, LPG, and other productions. Projects that are part of the Petrochemicals Revolution will diversify the country’s plentiful reserves of gas. The Industrial City of Mbini will become a world-class manufacturing and industry hub for Central Africa and the Luba Petroleum City will create a streamlined modern hub for oil and gas logistics locally and in the region. Lastly, the Ministry is working to promoting the domestic use of LPG by improving distribution networks and upgrading technology.
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March 30, 2015