Africa's Development

Equatorial Guinea wants to join OPEC in 2017

NAIROBI, Kenya, Jan 23 – Equatorial Guinea has announced that it has submitted its interest to join the Organization of Petroleum Exporting Countries (OPEC) in 2017.

Minister of Mines and Hydrocarbons Gabriel Mbaga Obiang travelled to Vienna on January 20, 2017 to meet with OPEC officials and present Guinea’s offer to become the 14th member.

The Minister’s trip to Vienna follows the Fourth Africa-Arab Summit, which hosted last November several OPEC members in Malabo, under the patronage of President Obiang Nguema Mbasogo.

OPEC is the world’s largest organization of oil producers and is projected to produce output of about 32.5 million barrels per day this year.

“For decades, Equatorial Guinea has achieved a sterling track record as a dependable supplier of petroleum to consumers in all corners of the world. We firmly believe that Equatorial Guinea’s interests are fully aligned with those of OPEC in serving the best interests of the industry, Africa and the global economy,” said Obiang.

Equatorial Guinea is the third largest oil and gas producer in sub-Saharan Africa.

Its $10.6 billion of annual oil and gas exports account for 95 percent of the country’s total exports, with shipments sold every day to China, India, Japan, Korea and many other countries.

The country has remained committed to investing in the entire energy supply chain through landmark projects such as the Bioko Oil Terminal, the Fortuna Floating Liquefied Natural Gas project, the Riaba Fertilizers plant, compressed natural gas and LNG.

Equatorial Guinea is currently hosting its latest oil and gas licensing round, EG Ronda, putting on offer all of open acreage not currently operated or under direct negotiation.

Equatorial Guinea has made 114 oil and gas discoveries to date with a drilling success rate of 42 percent.

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