The Ministry of Mines and Hydrocarbons (MMH) of Equatorial Guinea signed a Ministerial Order granting 2-year extension on exploration programs.
“The Ministry of Mines and Hydrocarbons remains concerned about the resounding impact of the drop in oil prices, Covid-19 and its dramatic consequences on our hydrocarbons industry. At a time of great uncertainty, we have an obligation to make bold, decisive, and pragmatic policy decisions to get the industry moving again,” said H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons.
With these proposals, the MMH maintains and guarantees existing investments into Equatorial Guinea, while empowering local companies to assist foreign partners in safeguarding and increasing operations in country. Companies operating in Equatorial Guinea include ExxonMobil, EGLNG, Marathon Oil Corp., Atlas Petroleum, Kosmos Energy, Noble Energy, Glencore, Royal Gate Energy, Gunvor, and Trident Energy.
The historic measures are being rolled out as Equatorial Guinea implements a series of projects across its upstream, midstream, and downstream industries. The backfill project ongoing to pool supply from stranded gas in the Gulf of Guinea and replace declining output from Alba field.