– Targeting energy growth and global market stability
Lagos — President of Equatorial Guinea Teodoro Obiang Nguema Mbasogo held talks with Russian President Vladimir Putin in Moscow on Thursday, focusing on joint efforts to stabilize global energy markets and promote a just energy transition.
As the voice of Africa’s energy sector, the African Energy Chamber supports and commends this productive dialogue, which is crucial to eradicating energy poverty, driving oil and gas sector growth and advancing the energy transition in Equatorial Guinea and across the continent.
As a mature oil producer, Equatorial Guinea is actively seeking renewed foreign investment to drive near-field, infrastructure-led exploration, monetize its offshore gas reserves and establish itself as an LNG export hub. The discussion between President Obiang and President Putin emphasised the importance of foreign investment in Equatorial Guinea’s oil and gas sector and the potential for cooperation in the fields of LNG, pipelines and midstream infrastructure, as the country enters into the next phases of development of its flagship Gas Mega Hub initiative.
Equatorial Guinea has long-maintained friendly diplomatic relations with Russia. During a visit to Moscow in August, President Obiang welcomed the participation and activities of Russian companies in Equatorial Guinea, particularly in the mining industry.
The country’s Ministry of Mines and Hydrocarbons signed two service contracts in 2020 with subsidiaries of Russian geological exploration company ROSGEO, initiating the first phase of seismic acquisition and state geological mapping, and has since invited international mining firms to explore the highly prospective Rio Muni mainland.
In addition to exploring the role of Africa-Russia cooperation in energy sector growth and stability, President Obiang addressed the transfer of ExxonMobil’s assets in Equatorial Guinea to national oil company GEPetrol. This includes the historic Zafiro field, with GEPetrol planning a multi-phase development to extend production from the field, set to launch in 2025.
The AEC fully supports this initiative, recognizing Equatorial Guinea’s efforts to enhance exploration, maximize production and attract further investment into its hydrocarbon sector.
According to NJ Ayuk, Executive Chairman of the African Energy Chamber, the meeting between President Teodoro Obiang Nguema Mbasogo and President Vladimir Putin marks a pivotal moment for global energy cooperation.
“Russia’s potential investments in Equatorial Guinea’s oil and gas sector can drive critical infrastructure development and enhance LNG production, which is key to addressing Africa’s energy poverty. This partnership highlights the importance of global collaboration in securing energy justice, driving industry expansion and advancing a just energy transition across the continent,” he said.
