Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Equatorial Guinea grants two year extensions on oil & gas exploration

    Equatorial Guinea grants two year extensions on oil & gas exploration

    May 6, 2020
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Gabriel Mbaga Obiang Lima

    Lagos — Equatorial Guinea has granted oil and gas companies two-year extensions on their exploration programmes, a statement from the hydrocarbons minister said.

    The move is an effort to keep investments flowing into the nation’s energy industry amid a historic drop in oil demand and prices brought on by the new coronavirus.

    The outbreak, and lockdowns worldwide aimed at containing it, have slashed 30% from fuels demand and dragged global oil prices to 20-year lows. Companies have cut billions from investment budgets and suspended projects as a result.

    “The granting of these extensions has been deemed suitable to create an enabling environment for international and African companies to keep investing in Equatorial Guinea and ensure a quick recovery of our industry,” Minister Gabriel Obiang Lima said in the statement.

    The extensions were granted by ministerial order.

    Obiang Lima said last week that virtually all oil and gas projects and licensing rounds are on hold in the Central African nation as it braces for an extended oil downturn because of the pandemic.

    Equatorial Guinea relies on oil and gas for around 90% of state revenue. Oil companies operating in Equatorial Guinea include Exxon Mobil, Marathon Oil Corp, Kosmos Energy, and Noble Energy.

    Equatorial Guinea takes bold steps to boost exploration & production

    Follow us on twitter

    Related News

    Group launches fossil fuel phase-out campaign, rejects oil resumption in Ogoni

    TotalEnergies starts production from two offshore Angola projects

    60 days later, Port Harcourt Refinery inoperable despite $1.5bn revamp

    E-book
    Resilience Exhibition

    Latest News

    Group launches fossil fuel phase-out campaign, rejects oil resumption in Ogoni

    July 24, 2025

    TotalEnergies starts production from two offshore Angola projects

    July 24, 2025

    Nigeria’s Senate approves President Tinubu’s $21bn external borrowing plan

    July 24, 2025

    Nigeria’s power sector loses N200bn to systemic inefficiencies in Q1 2025

    July 24, 2025

    60 days later, Port Harcourt Refinery inoperable despite $1.5bn revamp

    July 24, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.