EG Govt Concludes New Investment Prospects After Asia Visit
The Ministry of Mines and Hydrocarbons of Equatorial Guinea met several energy companies during a packed agenda that raised investment prospects with the region. The Ministry was in Singapore promoting its 2016 oil and gas licensing round and strengthening ties with companies in a region that accounts for more than 90 percent of Equatorial Guinea’s total oil and gas exports. H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons, discussed opportunities with several companies across the energy value chain, including exploration and production, services and construction and marketing and trading. Last week, the Ministry delegation toured the shipyard of Keppel Offshore and Marine, which is responsible for the construction of the Fortuna floating liquefied natural gas project.
“Equatorial Guinea has been responding to the tectonic shifts in market conditions with a long-term strategy that makes us competitive at every level of the energy supply chain,” said H.E. the Minister. “We have a well-established production base of offshore oil and gas assets, more exploration underway and big export projects that will continue to sustain the long and proud trade relationship we enjoy with Asia’s economies.”
Vital to Equatorial Guinea’s energy future is the development of the Fortuna FLNG project which expects financial investment decision before the end of this year. Asia economies have been a historically key customer of Equatorial Guinea’s LNG but the European market will emerge as an attractive competitor in years to come. The Equatorial Guinea Government is negotiating terms with offtakers of the 2.2 million tonnes per year that Fortuna is expected to produce.
Equatorial Guinea produces 3.4 million tonnes per year of LNG. It recently extended the life of its EG LNG plant when operator Marathon Oil achieved first production through its Alba B3 offshore compression platform, in offshore Equatorial Guinea.