Equatorial Guinea Makes Progress in Hydrocarbon Sector

A was signed between the Chairman and Managing Director of the Egyptian Petroleum Projects and Technical Consultations Company (), Waleed Lotfy, and ’s , H.E. Gabriel Mbaga Obiang Lima, in on Wednesday, enabling Petrojet to work on petroleum and refining projects in Equatorial Guinea.

An agreement was also signed between Arab Contractors Company and Petrojet, to cooperate on various projects in Equatorial Guinea. The signing of the two agreements will further develop the country’s petroleum and refining capacity.

Equatorial Guinea plans to add 20,000 barrels per day (bpd) to its production output by October this year, increasing production to 140,000 bpd. Additionally, up to five blocks will be put up for licensing in April and the construction of two refineries, which are expected to process up to 40,000 bpd of crude oil, are expected to be up and running by the end of the year.

The is continuing its outreach to global investors through its Year of 2020 campaign. The year-long initiative is held under the auspices of the and organized with the . Equatorial Guinea’s Gas Megahub project, together with eight investment-ready projects, are setting the course for strategic energy development on the continent in the coming decade. Kicking off the Year of Investment is the Oil & Investment Forum, taking place on June 1, hosted in , Equatorial Guinea.

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At the first event of the Year of Investment, the Africa Oil & Investment Forum & Exhibition (AOIF) 2020, local, regional and international companies and investors will unite to sign up and present projects for development in Equatorial Guinea and on the continent. Join the key energy leaders and take advantage of new investment opportunities at the AOIF 2020 in Malabo, Equatorial Guinea, on June 1, 2020.

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