Equatorial Guinea Seeks Revival of its Oil Sector through OPEC
15 Feb 2017
Equatorial Guinea’s participation in the Organization of the Petroleum Exporting Countries (OPEC) production cut and application to be a member are an attempt to revive its oil sector and be more involved in the global oil supply dynamics. The country started oil production in 1991 and currently produces about 243,000 barrels of oil per day (bd), ranked 35th globally and 7th in Africa. It’s agreed OPEC-aligned production cut represents about 5% of its 2016 production, at 12,000 bd.
Recent licensing rounds have been unsuccessful and there are no planned projects with final investment decision (FID) in the country. The only significant planned project is the Fortuna Floating Liquefied Natural Gas (FLNG) development, which is a gas led development. OPEC membership could spur activities in its dwindling oil sector and revive interest in its upcoming 2016 / 2017 bid round.
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