Petroleum Africa
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Tuesday, December 4, 2018
Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons for Equatorial Guinea, was among those calling for unity amongst oil producing nations ahead of the upcoming 175th Ordinary Meeting of the OPEC.
“Never in the history of the oil industry has unity amongst producing nations been more important. We call on oil producers to stand together and in solidarity with OPEC and under the leadership of our brother H.E. Barkindo, in our efforts to maintain balance and stability in oil markets,” said Lima.
Equatorial Guinea joined OPEC in 2017, after signing on to the production cuts deal initially as a non-OPEC member in 2016. After the 2014 crash, Equatorial Guinea’s oil-dependent economy went into recession. Heading into 2019, however, Equatorial Guinea is looking ahead at $2.4 billion of foreign investment and eight exploration wells to be drilled. Equatorial Guinea’s hopes for 2019 are not unique within Africa, which has hosted some of the world’s biggest recent oil discoveries and is welcoming several new producers, including Senegal, Uganda, Mauritania and Mozambique.
Collaboration of OPEC and non-OPEC producers in committing and adhering to oil production cuts resulted in the historic Declaration of Cooperation in 2017. The landmark agreement is largely credited with stabilizing oil markets and triggering a new wave of investment in oil exploration, which is crucial for African countries like Equatorial Guinea.
“Just two years ago, the oil and gas industry was in turmoil and new investments in the industry were put on hold or cancelled altogether,” Lima said. “But the markets have experienced a remarkable recovery due in large part to the commitment of all OPEC and non-OPEC countries in the historic Declaration of Cooperation. In this environment, oil and gas companies are emerging from the downturn stronger and more efficient. Investors are actively seeking fresh opportunities.”
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