Equatorial Guinea plans to launch a new oil and gas licensing round in April 2026 to stimulate exploration and address declining oil production, Hydrocarbons and Mining Development Minister Antonio Oburu Ondo announced.
He confirmed that the licensing round, referred to as “la ronda,” will roll out in the second quarter of 2026, with details on timelines, application procedures, and requirements to follow.
Officials stated that the round, scheduled to run from April through November, will feature 24 blocks—two onshore and 22 offshore.
OPEC’s 2024 statistical review shows that Equatorial Guinea once produced 241,000 barrels per day at its peak in 2010 but saw output fall to 55,000 bpd in 2023.
The IMF noted in an August report that the hydrocarbon-dependent economy will likely grow by only 0.9% annually between 2025 and 2030 due to shrinking oil and gas output.
Chevron revealed earlier on Monday that its Noble Energy subsidiary finalized terms with the country to develop the Aseng gas project in Block I of the Douala Basin, advancing it toward a final investment decision.
The Aseng project, with an initial investment of about $690 million, will secure LNG supplies for global markets and support Equatorial Guinea’s ambition to establish itself as a regional gas-processing hub.
As part of these ambitions, Equatorial Guinea signed an agreement with Nigeria in 2024 to jointly build the Gulf of Guinea Gas Pipeline.
The government is also advancing the $4.5 billion EG-27 LNG project with Afreximbank, which is raising capital for its execution.
Afreximbank explained that EG-27, focused on the Ebano field, could generate 2.4 million metric tons of LNG annually for 20 years once operational.
source: reuters
African Energy Council