Equatorial Guinea secures US$138M from BDEAC for Sendje hydropower plant

Sendje Hydopower

EQUATORIAL GUINEA – The government of Equatorial Guinea has secured US$138 million (122 million euros) from The Development Bank of Central African States (BDEAC)  in additional financing for the completion of the 200 MW Sendje hydroelectric power station. A report by Africa Energy Portal noted that funds from the BDEAC will enable the authorities of the Central African country to continue construction work on the Sendje dam, whose total cost amounts to around €467 million (about US$526.64 million). The Development Bank of Central African States (BDEAC) notes that the Sendje…

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Equatorial Guinea adopts new regulation to boost foreign investment in petroleum sector

EQUATORIAL GUINEA — The Republic of Equatorial Guinea has announced the adoption of the new Regulation of Petroleum Operations to boost foreign investment in the petroleum sector. Africa Energy Chamber reports that the new petroleum regulation modernizes Equatorial Guinea’s existing regulatory framework and is intended to maintain the country’s attractiveness for foreign investors. The petroleum regulation notably covers key matters such as the extension of the productive life of mature fields though mechanisms allowing operators to generate greater value from these assets. Exploration of marginal and onshore fields along with…

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Equatorial Guinea signs its very first mining contract with three different companies

EQUATORIAL GUINEA – The Ministry of Mines and Hydrocarbons has its very first five mining contracts with three different companies and follow the conclusion of the country’s first mining bidding round last year, EG Ronda 2019.  “Mining is a key contributor to economic growth and jobs creation across West and Southern Africa, and we truly believe that it is time that Equatorial Guinea enters the race and starts developing its potential in minerals,” said H.E. Gabriel Mbaga Obiang Lima, minister of Mines and Hydrocarbons.   “The development of this industry is…

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Equatorial Guinea selects key companies for execution of energy projects

Equatorial Guinea – The Board of Directors of the Ministry of Mines and Hydrocarbons (MMH) of Equatorial Guinea has selected and revealed companies shortlisted for the execution of its landmark projects under its ongoing Year of Investment. The country is building a modular refinery, storage tanks and a methanol-to-derivatives plant at Punta Europa, where most of Equatorial Guinea’s gas and energy activities are currently located. American oil company Marathon Oil, a Spanish-Russian consortium of Selquimica International with Engineering and Energy, and British company Rosslyn Energy were interested in the Modular…

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Marathon Oil commits to increase investment in Equatorial Guinea’s Gas and Oil sector

EQUATORIAL GUINEA — Marathon Oil Corp, one of the biggest energy investors in Equatorial Guinea, has committed to increase its investment in the required infrastructure to support the Government’s vision for the Gas Mega Hub. The commitment was after the oil multinational’s Chairman, President and CEO Lee Tillman and Executive Vice President Mitch Little were given a courtesy visit by Equatorial Guinea’s President H.E. President Teodoro Obiang Nguema Mbasogo. The head of state was in the company of H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons and the…

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Equatorial Guinea Signs MoUs with multinationals in Abu Dhabi to Boost Oil and Mining Exploration

EQUATORIAL GUINEA – The Ministry of Mines and Hydrocarbons of the Republic of Equatorial Guinea has signed several MoUs with successful bidders of its 2019 Licensing Round, on the sidelines of the Atlantic Council’s Global Energy Forum in Abu Dhabi. Under EG-RONDA 2019, the government of Equatorial Guinea offered 27 free blocks for exploration across its sedimentary basins. The licensing round generated interest from 53 companies and resulted in 17 bids. In 2020, the Year of Investment will see the signing and execution of several such contracts and projects, not…

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Investors to pump US$1.5 billion in Equatorial Guinea’s Oil and Gas sector in 2020

EQUATORIAL GUINEA – Equatorial Guinea, one of the Africa’s oil producing nation has said that it expects major investments in the oil and gas sector in 2020. The country on the west coast of Central Africa estimates US$1.2 billion in investments and a contingent forecast of $273 million into its hydrocarbon sector in 2020. The Ministry of Mines and Hydrocarbons released the estimates after technical negotiations with oil and gas companies. The ministry said that Equatorial Guinea is actively pursuing international investors in an effort to increase exploration activity and…

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Equatorial Guinea partners with Algeria to develop gas sector

EQUATORIAL GUINEA – Equatorial Guinea through its national gas company (Sonagas) has signed a Memorandum of Understanding on enhanced cooperation in the field of gas transmission, distribution and energy efficiency with the National Electricity and Gas Company of Algeria (Sonelgaz) According to a statement by the Africa Oil and Power Conference, the Memorandum of Understanding covers the regulatory framework for the gas sector, the transport and distribution of gas through pipelines, the supply and installation of gas meters, and all other areas of the energy sector of mutual interest. The…

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AfDB and partners launch new fund to boost digital financial inclusion

GUINEA – The African Development Bank in collaboration with partner organisations has launched the Africa Digital Financial Inclusion Facility (ADFI) to accelerate digital financial transactions across the continent. The fund is supported by the Bill & Melinda Gates Foundation, the Agence Française de Développement (AFD) and the Government of Luxembourg, as initial contributors. With a goal to ensure access to digital financial services, the initiative will deploy US$100 million in grants and US$300 million in the form of debt from the Bank’s ordinary capital resources by 2030. It targets to…

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Equatorial Guinea to host AfDB’s 2019 Annual Meetings in Malabo

EQUATORIAL GUINEA –Equatorial Guinea will is set to host the African Development Bank’s (AfDB) next Annual Meetings in June 2019 following the signing of a memorandum of understanding between the two parties. The Annual Meetings are scheduled to take place between 11th to 14th June, 2019 in the country’s capital city, Malabo. Mr. Bernardo Abaga Ndong, general coordinator of the National Technical Committee in charge of the Annual Meetings stated that the meetings are also set to contribute significantly to the country’s economy. “The Government and people of Equatorial Guinea…

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