04 March 2017, News Wires – The Ministry of Mines and Hydrocarbons of Equatorial Guinea has extended the official closing date of the EG Ronda Licensing Round to April 28, 2017.
Responding to a wave of new exploration interest, the Equatorial Guinea Government said it wants to give companies more time to participate.
“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,” H.E. Gabriel Mbaga Obiang Lima, the minister of mines and hydrocarbons, said.
“There is more stability and predictability in the market right now, which we can see is increasing investor confidence,” Lima added.
The Equatorial Guinea Government will announce the successful bidders on June 5, 2017 at the Africa Oil & Power conference, in Cape Town. The ministry expects to sign new production sharing contracts on September 15, 2017 and ratify those agreements before the end of 2017.
The ongoing efforts to attract more international companies and further explore its offshore territory is part of a wider strategy to revive Equatorial Guinea’s hydrocarbon sector. Last month, Equatorial Guinea announced its interest to join the Organization of Petroleum Exporting Countries, relying on a track record of supplying oil and gas to global consumers.