The Ministry of Mines and Hydrocarbons of Equatorial Guinea will announce the winners of the EG Ronda 2016 Licensing Round at Africa Oil & Power in Cape Town on June 5, and is also extending the official closing of the licensing round to April 28, 2017, due to heightened interest from investors.
“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. There is more stability and predictability in the market right now, which we can see is increasing investor confidence,” said said H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons.
After announcing the winners of the round at Africa Oil & Power, the ministry anticipates signing production sharing contracts on Sept. 15 and ratifying the contracts before the end of the year.
Equatorial Guinea is energetically pursuing international investors in an effort to increase exploration activity and boost the oil and gas sector in the country. The Minister will attend Germany-Africa Business Forum on March 23 in Berlin, where he plans to sit down with German companies interested in the country’s projects.
Additionally, the Minister announced in January Equatorial Guinea is pursuing membership of the Organization of Petroleum Exporting Countries (OPEC). Equatorial Guinea, joining some of the world’s largest oil producers in making oil production cuts at the end of 2016, has pledged to decrease production by 12,000 barrels per day in a deal coordinated by OPEC to limit global oil supply.
For more information about EG Ronda 2016, visit www.egronda2016.com