International operators must comply with local content requirements throughout the three month period and ensure that they adapt to new market dynamics, while continuing to work with the local services industry.
“We recognize that the oil sector continues to be the largest private sector employer in the country and want to give our local services companies the means to weather the storm and avoid any jobs being lost. While it is important to let market forces determine the future, the government does have a role to play in stimulating the market and creating an environment for these companies to stay strong, continue investing and create opportunities for our citizens,” said H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons.,
The MMH is considering further action to bring relief to the country’s oil and gas sector and will continue to engage with local and international companies to create an enabling environment for the sector to operate and grow despite the ongoing coronavirus pandemic, which has negatively affected oil demand and the global economy.
Oil prices currently remain at around $20 a barrel, their lowest level since 1991.