Petroleum Africa
Find us on: 
Friday, September 7, 2018
In an exclusive interview with Petroleum Africa on the sidelines of the Africa Oil & Power Week held in Cape Town September 5-7, Minister of Petroleum H.E. Gabriel Obiang Lima discussed drilling, investment, and regional cooperation.
Lima indicated that 2019 will be the year for drilling and investing, specifically investing in operations. Lima was clear that anyone not wanting to drill, “will not be allowed to work in Equatorial Guinea.”
Lima has taken this stance and is of the opinion that he and his Ministry have been patient during the 2015-2017 period, where extensions were requested and granted. But times are different now and the current climate dictates a change. “The time to enforce the very basic formula whereby drilling results in discovery, and that discovery results in development,” Lima stated passionately.
Petroleum Africa asked about the discovery announced in March by ExxonMobil, news having been scarce since that time. “The quantities were ok; they were sufficient, but it is not yet clear” what they will do with the resources with further analysis and study needed. He indicated the gas might be “re-injected to increase production,” which suggests the discovery may be marginal.
When asked what the country’s competitive advantage is over its nearby producing neighbors in attracting upstream investment, Lima said his Ministry is doing selective bid rounds, inviting companies to bid and negotiate for specific areas.
On investment, Lima was transparent in saying that currently the Chinese are the biggest investors, whether direct or indirect, and went on to say they are also the biggest consumers.
In March of this year at a CERA Week Africa dinner speech in Houston, Lima stated “Equatorial Guinea will beat the US in supplying LNG to Africa.” We asked him what has been achieved so far on this front, and what can we expect next?
“Equatorial Guinea has concluded a 15-year agreement with Ghana to supply LNG, as well as agreements with Togo and Sierra Leone,” reiterating that Equatorial Guinea “is committed to working with its neighbors in finding solutions that are mutually beneficial,” Lima stated. The country is also in discussions with Burkina Faso.
Further, he is highly optimistic that his country will become a regional oil and gas service hub. As an established and respected natural gas producer, Equatorial Guinea has the experience and know-how to cater to the industry in the greater region. At a press conference at this event, Lima said, “We want Equatorial Guinea to become a model and an example for other countries that are only just now starting their oil and gas industries.”
" alt="Sintana to Expand Asset Base in Namibia with Acquisition">
" alt="Luanda Gives Afentra Nod for Azule Acquisition">
" alt="TotalEnergies Increases Stake in ROC’s Giant Moho Field and Sells Mature Assets">
" alt="Africa’s $824 Billion Debt Burden and Opaque Resource-Backed Loans Hinder its Potential">
" alt="African Refiners Ponder Threats to Energy Security for Africa as Transition Takes Center Stage">
" alt="Invictus Inks Gas Sales MOU to Deliver Power to Eureka Gold Mine">
" alt="Globeleq Acquires the 25 MWp Winnergy Solar PV Plant in Egypt">
" alt="Sintana Completes Well Testing at Mopane 1-X in Namibia">
