Like the rest of African petroleum producers, Equatorial Guinea has been through a year like no other. The travel restrictions imposed by the Covid-19 pandemic, coupled with a historic crash of oil prices, have sent its hydrocarbons industry in a deep crisis of uncertainty. However, the country’s industry has proved resilient and a strong dialogue between government authorities and companies has already laid the basis of a recovery in 2021.
The first positive signal comes from the latest investment expectations coming out of the evaluation of 2021 work and budget programs from upstream operators. They include over $1.1bn of investment forecast: $832.4m of investment commitment and $370m of contingent investment. Such figures are extremely encouraging for the upstream sector in the Gulf of Guinea and will inevitably result in an increase of oil & gas production from Equatorial Guinea next year. 2020 already managed to maintain production around 282,700 boepd, including 115,250 bopd