Africa Oil & Gas: Equatorial Guinea extends bidding period for 2016 Licensing Round

_87264184_eg_nguema_g — Equatorial Guinea’s President Obiang Nguema

The Ministry of Mines and Hydrocarbons of Equatorial Guinea has extended the official closing date of the EG Ronda Licensing Round to April 28, 2017. Responding to a wave of new exploration interest, the Equatorial Guinea Government wants to give companies more time to participate.

‘We can see that the industry as a whole is turning the corner and that the appetite for exploration is greater starting 2017 than it was last year,’ said H.E. Gabriel Mbaga Obiang Lima, the Minister of Mines and Hydrocarbons. ‘There is more stability and predictability in the market right now, which we can see is increasing investor confidence.’

The Equatorial Guinea Government will announce the successful bidders on June 5, 2017 at the Africa Oil & Power conference, in Cape Town. The ministry expects to sign new production sharing contracts on September 15, 2017 and ratify those agreements before the end of 2017.

The ongoing efforts to attract more international companies and further explore its offshore territory is part of a wider strategy to revive Equatorial Guinea’s sector. Last month, Equatorial Guinea announced its interest to join the Organization of Petroleum Exporting Countries, relying on a strong track record of supplying abundant oil and gas to global consumers. Pledging to cut 12,000 barrels a day of oil production, Equatorial Guinea has demonstrated its commitment to stabilizing global markets and being a contributing member to a high-profile group like OPEC.

On March 23, 2017 Minister Obiang will be in Berlin for the Germany-Africa Business Forum, where he will highlight his country’s legacy of working with German and other European companies in developing Equatorial Guinea’s oil and gas sector. The Minister will also be sitting down with German companies eager to participate in the Bioko Oil Terminal, petrochemicals development and gas-to- power projects.