Petroleum Africa
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Thursday, September 29, 2016
Equatorial Guinea’s Ministry of Mines and Hydrocarbons met with several energy companies during its roadshow in Singapore. The roadshow was to promote its 2016 oil and gas licensing round and strengthen ties with companies in a region that accounts for more than 90% of Equatorial Guinea’s total oil and gas exports.
The West African country’s Minister of Mines and Hydrocarbons, Gabriel Mbaga Obiang Lima, discussed opportunities with several companies across the energy value chain, including exploration and production, services and construction and marketing and trading.
The delegation from the Ministry also toured the shipyard of Keppel Offshore and Marine, which is responsible for the construction of the Fortuna floating liquefied natural gas (FLNG) project.
“Equatorial Guinea has been responding to the tectonic shifts in market conditions with a long-term strategy that makes us competitive at every level of the energy supply chain,” said H.E. the Minister. “We have a well-established production base of offshore oil and gas assets, more exploration underway and big export projects that will continue to sustain the long and proud trade relationship we enjoy with Asia’s economies.”
Vital to Equatorial Guinea’s energy future is the development of the Fortuna FLNG project which expects financial investment decision before the end of this year. Asia economies have been a historically key customer of Equatorial Guinea’s LNG but the European market will emerge as an attractive competitor in years to come. The Equatorial Guinea Government is negotiating terms with offtakers of the 2.2 million tons per year that Fortuna is expected to produce.
Equatorial Guinea produces 3.4 million tons per year of LNG. It recently extended the life of its EG LNG plant when operator Marathon Oil achieved first production through its Alba B3 offshore compression platform, in offshore Equatorial Guinea.
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