Equatorial Guinea is taking decisive steps to revitalize its upstream sector, with plans to launch a new licensing round in 2025 aimed at increasing exploration and production.
With the global energy landscape evolving and production from mature fields declining, the promotion of new acreage is essential to ensuring long-term energy security and continued revenue generation for Equatorial Guinea. A successful licensing round will attract much-needed capital, bring in new technologies and create opportunities for both international and local players to participate in the country’s energy future.
Under the leadership of Minister of Mines and Hydrocarbons, Antonio Oburu Ondo, Equatorial Guinea has demonstrated a proactive approach to fostering investment in its hydrocarbon sector. While technical details have not yet been disclosed, the upcoming round is expected to build on past successes, reinforcing the country’s position as a key oil and gas producer in Africa. By opening new opportunities for exploration, Equatorial Guinea is taking bold steps to unlock its full resource potential and ensure a sustainable supply of energy for years to come.
“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. Equatorial Guinea’s commitment to advancing exploration is a testament to its strategic vision, and the AEC fully supports these efforts,” states Tomás Gerbasio, VP Commercial and Strategic Engagement, African Energy Chamber.
Equatorial Guinea’s last licensing round, held in 2019, offered 27 blocks for exploration and attracted significant industry interest, with 53 companies participating and 17 bids submitted. Blocks available in the upcoming round will include Block H and Block 02, previously operated by Atlas Oranto Petroleum and PanAtlantic Energy (Vanco Energy).
The licensing round is part of a dynamic wave of activity unfolding in the country. In November, Trident Energy announced successful production from its C-45 infill well, one of two wells in its ongoing infill drilling program at the Ceiba and Okume Complex in Block G, adding over 5,000 barrels per day. In June 2024, Chevron signed new PSCs for blocks EG-06 and EG-11, outlining minimum investment commitments and exploration programs and building on the company’s existing interests in the Alen, Aseng and Yolanda fields. Through its affiliate Noble Energy and in partnership with Marathon Oil, Chevron is also advancing the next phases of the Gas Mega Hub. Phase II will focus on processing gas from the Alba field, while Phase III will integrate gas from the Aseng field. Meanwhile, VAALCO Energy is set to lead a drilling program and field development push for Block P, having finalized a PSC for the asset in August.
National oil company GEPetrol is also focused on boosting production capacity, with the Zafiro field at the center of its revitalization efforts. After taking over operatorship from ExxonMobil in June 2024, GEPetrol launched a multi-phase development plan to extend production from the country’s largest oil field in offshore Block B. Phase 1, set to begin in early 2025, will reconnect selected wells that were previously produced via tiebacks to the Zafiro Producer floating production unit. Running parallel to this, Phase 2 will focus on optimizing well production and costs, while Phase 3 will involve a full-scale redevelopment of the field from 2025 onward. In April 2024, GEPetrol awarded Petrofac a five-year, $350 million technical services contract, with the partnership supporting the world-class operation across onshore bases, an FPSO and a platform and reinforcing efforts to enhance production.
Beyond bolstering domestic production, a successful licensing round will have far-reaching benefits, including job creation, infrastructure development and enhanced local capacity. It will also strengthen the country’s role as a regional energy hub, providing additional supply to both domestic and international markets.
Equatorial Guinea’s upcoming licensing round comes at a crucial time when Africa is positioning itself to maximize the value of its resources amid shifting global energy policies. By attracting new investments and driving exploration, the country is reinforcing its commitment to energy security, economic diversification and long-term industry sustainability. African Energy Week (AEW): Invest in African Energies is the official home of African exploration for oil and gas, Farm In and Farm Out and technical sessions. AEW: Invest in African Energies looks forward to working alongside Equatorial Guinea in promoting this opportunity and ensuring that Africa remains a competitive and attractive destination for energy investments.
Distributed by APO Group on behalf of African Energy Chamber.