The direct total foreign investment expected in Equatorial Guinea for 2019 is over USD $2.4 billion, with 11 new wells expected to be drilled during the year.
In addition, five platforms have been contracted to carry out drilling operations in the country, according to the technical meetings and evaluations of the work programs and budgets of the country’s operating companies conducted by the Ministry of Mines and Hydrocarbons of Equatorial Guinea.
The ramp up in drilling activity in Equatorial Guinea comes after several years of a downturn following the crash of oil prices in 2014, and during the country’s Year of Energy.
The Year of Energy is led by the Ministry of Mines and Hydrocarbons, and will include the African Petroleum Producers’ Organization Cape VII, April 1-5, 2019 in Malabo and The Gas Exporting Countries Forum 5th Gas Summit, also to be held in Malabo in November.
The government of Equatorial Guinea has designated Africa Oil & Power, the premier energy and investment platform on the continent, as the official organizer of the event programs for the Year of Energy, together with a special organizing committee designated by the Ministry of Mines and Hydrocarbons.
Landmark visits from both the German Chancellor and President this year mark high-level partnerships for Senegal on gas production, increased European exports, renewable energy development and conflict mitigation.