Minister Gabriel Mbaga Obiang Lima, Minister of Mines, Industry and Energy of Equatorial Guinea, has reiterated his call for increased investment in oil and gas exploration.
Presenting at the Oil & Gas Council Africa Assembly in London, the Minister continued to promote licensing opportunities in Equatorial Guinea, saying the worst of the global commodity slump was over.
“Now is the time to promote investment in oil and gas,” the Minister said. “The rains are over and the sun is coming out and we know the flowers will soon begin to blossom.”
After a tumultuous 18 months of low oil prices, the Minister said a market recovery was well underway. He highlighted Equatorial Guinea’s history of exploration success – discovery rates of 42 percent are double the global average – and the country’s pro-business leadership as key advantages for attracting investment.
The Minister’s appearance in London was the second stage of a five-city global tour to promote EG Ronda 2016, the oil and gas licensing round. The bidding round has put on offer 37 licenses, comprising all acreage not currently operated or under direct negotiation.
Equatorial Guinea has discovered oil and gas in three offshore petroleum systems – the Niger Delta Complex, the Douala Basin and the Rio Muni Basin. Earlier this month, the Ministry announced a near shore gas accumulate discovery on the EG-01 block, located in the Rio Muni Basin.
During his presentation, the Minister also stressed the importance of monetizing gas discoveries. He said that while companies continued to look at oil as the biggest prize, natural gas should play an important role in fueling local industry and gas-to-power initiatives.
EG Ronda 2016 launched on June 6, 2016 at the Africa Oil & Power conference in Cape Town and will conclude on November 30, 2016. The MMIE invites interested parties to submit letters of interest. After the Africa Assembly in London, the bidding round promotional tour moves to Singapore, Istanbul and Houston.
Source: Africa Business