Equatorial Guinea: We Are Taking Steps To Boost Oil Production–Minister Ondo

The Minister for Mines and Hydrocarbons for Equatorial Guinea, H.E. Antonio Oburu Ondo, says the Central African nation is determined to boost its oil production and is, therefore, taking several steps to realize it.

To make this dream a reality, he hinted that this year alone, the nation has awarded six new contracts to expand oil and gas production blocks in the country.

According to him, Equatorial Guinea has also signed offshore blocks, ratified with Canadian Africa oil, which would have 80 percent in each block, with Antler Global Ltd and Gepetrol sharing the rest.

“Concerning blocks EF06 and EG11, we just signed with a US major and Gepetrol already operating in the country, the terms sheet for two more PSCs was concluded for the production sharing contracts in about two weeks,” said Antonio Oburu Ondo.

Ondo, who is also the President of OPEC, explained that they have made significant strides in the development of gas mega-hub initiative too.

According to him, phase (1) of the gas mega hub project was successfully completed in February 2021, with start-up of the Alen Gas monitisation project which sends gas from the Alen field to Punta Europa LNG Terminal through a 70 -kilometer-pipeline.

He said earlier this year government signed an agreement with Marathon Oil and Chevron for the next two phases of the project.

“We expect phase two, which calls for processing gas from the Alba field, to come online by January 2024,” he added.

Phase III of the project will focus on the gas commercialization from Aseng field.

Minister Ondo said that Equatorial Guinea believes that the energy transition drive must be championed to make it cheap and affordable for its people.

Antonio Oburu Ondo, however, warned that this could only be achieved through competitive negotiation skills with the investment companies in the sector so that they can chalk affordable oil prices for the people of Equatorial Guinea in particular and Africa in general.

He further assured that if Africa renews its mind in the energy resources development sector, it could win the war over the slave business transmission models in the energy sector and regain control in her negotiation drive sector to make energy cheap, accessible, and reliable for its people.

Source: https://energynewsafrica.com