Equatorial Guinea’s Hydrocarbons Minister Antonio Oburu Ondo has welcomed the seamless transfer of oilfield assets from ExxonMobil to national oil company, GEPetrol, marking the end of nearly three decades of the American firm’s operations in the country.
This transition comes as Exxon fulfils its intention, announced in 2022, to depart upon the expiration of its licenses.
In a statement on Monday, Ondo celebrated this change as a pivotal moment in Equatorial Guinea’s petroleum history.
“The departure of the American giant marks the close of a significant chapter in our country’s petroleum history, one which brought us into OPEC membership. It also opens a promising new chapter,” Ondo said.
He noted the substantial positive impact that ExxonMobil has had on Equatorial Guinea’s economy, referencing the unprecedented petroleum boom initiated by the discovery of the Zafiro field in the mid-1990s.
ExxonMobil’s operations contributed significantly to Equatorial Guinea’s economic growth, leading to one of the highest per capita gross domestic product rates in Africa.
Ondo expressed confidence in GEPetrol’s capabilities to manage and expand the country’s petroleum production.
He emphasized the importance of redeveloping the Zafiro field and collaborating with independent companies, including Kosmos Energy and Chevron, to enhance Equatorial Guinea’s hydrocarbon sector.
The minister outlined plans for the establishment of a Gas Mega Hub (GMH) to improve access to the country’s oil and gas reserves.
The initiative is expected to facilitate production and transport to both regional and global markets while addressing local energy needs.
“With the GMH, we gain the ability to move our production to regional and global markets and employ it for our own industries and manufacturing.”
He also announced a bilateral agreement with Nigeria to construct the Gulf of Guinea Gas Pipeline Project, which will supply gas to the GMH, alongside a joint development agreement with Cameroon to enhance oil and gas fields along their coastal borders.
JN/APA