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Equatorial Guinea pushes economic diversification via Year of Energy Initiative

The country eyes tourism and services expansion for economic growth. (Image source: Jörg Bergmann/Flickr)

With an aim to diversify the economy via Year of Energy Initiative, Equatorial Guinea is all set to promote new oil and gas operators, reach financial close on major gas infrastructure and continue 2019 licensing round

The two major events under the Year of Energy Initiative are the APPO CAPE VII Congress and Exhibition from 2-5 April and the GECF 5th Gas Summit from 26-29 November 2019.

The Year of Energy, spearheaded by the Ministry of Mines and Hydrocarbons, aims to position Equatorial Guinea as Africa’s energy hub. Through events in Nigeria, Spain, the Emirates, South Africa and Equatorial Guinea, the initiative is set to bring attention to issues of regional cooperation, gaining greater value from natural resources and promotes investment in leading oil and gas projects.

At the third edition of the O&G Meeting Day, taking place from 21-22 March 2019, Gabriel Mbaga Obiang Lima, Equatorial Guinea’s minister of mines and hydrocarbons, gave details on multiple value-added projects currently underway and invited the global energy sector to participate in the Equatorial Guinea Year of Energy 2019 initiative.

The minister announced that he expects a final investment decision on the natural gas ‘backfill’ project, linking producing gas fields in Equatorial Guinea to onshore liquefied natural gas (LNG) facilities in April 2019.

Local content will be an important part of the execution and contracting strategy as more jobs and contracts will be created for the citizens and companies that are compliant with the laws.

Gabriel Mbaga Obiang Lima has urged the petroleum sector operators to explore Equatorial Guinea through the EG Ronda 2019 licensing round and told delegates that new operators would soon be entering the country to take over amortised fields.

“Oil and gas has been fundamental to our growth and we have taken advantage of our resources to fuel development,” said the minister.

Tourism and service expansion

As part of the country’s economic diversification initiative, Equatorial Guinea is seeking to develop its services and tourism sector, attracting international companies and investment.

The country is looking to the Canary Islands to building a sustainable economy on tourism and services.

“We invite our international partners to invest with us in technology, infrastructure and education and to exchange their experiences with us,” Gabriel Mbaga Obiang Lima added.

Representing Equatorial Guinea at the third edition of O&G Meeting Day alongside the minister was the national oil company GEPetrol, national gas company Sonagas and local industry association NAHSCO.

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