Equatorial Guinea Seeks Investors For Remaining Oil Blocks, Gas Projects

Equatorial Guinea has fewer than seven exploration blocks still available, down from more than 20 a year ago, Minister of Mines, Hydrocarbons and Energy Antonio Oburu Ondo said at African Energy Week in Cape Town, South Africa.

Speaking at the event’s Global Energy Leaders Forum, Oburu Ondo said the acreage had been awarded mainly to U.S. and European companies, with a smaller number of Asian firms also securing blocks.

“When I was here last year, we had more than 20 blocks available. Today, we have only a handful of them, I believe less than seven,” he said during a panel moderated by Acha Leke, chairman of McKinsey & Company Africa.

The uptake follows the ministry’s decision in May to award acreage through direct negotiations rather than licensing rounds.

The minister also sought Japanese and U.S. investment in the country’s Gas Mega Hub, which brings together gas resources for processing at the EG LNG plant at Punta Europa. These include the cross-border Yoyo-Yolanda resource shared with Cameroon.

“I can see the opportunity here of increasing the processing capacity, not only of EG LNG, but also building different plants,” he said.

Oburu Ondo identified liquefied petroleum gas (LPG) storage on the mainland as another investment opportunity, saying the country currently relies on a converted vessel for storage.

“One investment that is very clear that can be done is to build LPG storage in the mainland,” he said.

He added that the EG-27 discovery remained open to investors, with talks continuing with ConocoPhillips on a non-exclusive basis.

Japanese trading house Marubeni holds a 6.067% stake in EG LNG through its UK-registered subsidiary.

Yasuhiro Hashimoto, special adviser to Japan’s minister of economy, trade and industry and the ministry’s chief representative for Africa, said the continent was becoming an increasingly important source of energy supplies for Japan.

He outlined Japan’s response to supply disruptions as diversifying suppliers, expanding markets and strengthening emergency preparedness. A stable business environment was essential to deeper cooperation, he added.

Oburu Ondo also discussed Equatorial Guinea’s growing energy investment relationship with Washington over the past year.

Joshua Volz, special envoy for global energy integration at the U.S. Department of Energy, said U.S. financing institutions, including the Office of Strategic Capital, were pursuing closer partnerships with African downstream projects, particularly in refining.

“When the United States takes an equity position in a project, that’s a long-term commitment,” Volz said.

Volz said local capital participation sent a strong signal to foreign investors. Oburu Ondo said regulatory certainty and legal stability could carry similar weight in capital-intensive projects.

“This is the time to capture the momentum,” the minister said, “so that we make sure that we are trusted, not only to attract businesses, but to keep the businesses in Africa.”