The hydrocarbons industry is the engine for economic growth. It accounts for 77 percent of annual GDP, more than 95 percent of exports and nearly 90 percent of government revenue in Equatorial Guinea. Over a period of two decades since the discovery of the massive Zafiro oil complex, the country has built one of Africa’s largest oil and gas sectors. Equatorial Guinea produces nearly 300,000 barrels per day of oil equivalent from six offshore fields. Most recently, the Aseng field (2011) and the Alen gas and condensate field (2013) came online as the country works to reverse systemic production losses at older reservoirs. Still, the country’s overall oil and gas exports exceed $10 billion each year and the ministry has implemented a sound long-term strategy that overcomes commodity price fluctuations. It is continually engaged in the next generation of megaprojects that will secure Equatorial Guinea’s place as an African pioneer in oil and gas. Following an agreement signed with UK independent Ophir Energy in 2014, Equatorial Guinea is primed to become the first African country to build a floating liquefaction storage and offloading vessel (FLNG). Once completed in 2019, Fortuna FLNG will significantly upgrade Equatorial Guinea’s LNG output and shore up its gas portfolio for the coming decades.
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March 30, 2015