Equatorial Guinea plans to launch a new oil and gas licensing round in 2025 to enhance its offshore exploration and production (E&P) activities. The initiative aims to attract investment, introduce advanced technologies, and create opportunities for international and local stakeholders, ensuring the country's long-term energy security and economic growth.

Under the guidance of Minister of Mines and Hydrocarbons, Antonio Oburu Ondo, the government is proactively encouraging investment in its hydrocarbon sector, the African Energy Chamber (AEC) said in a press statement.

Equatorial Guinea held its last licensing round in 2019, offering 27 exploration blocks which garnered significant interest from the industry, resulting in 17 bids from 53 participating companies. While specific details of the upcoming licensing round have yet to be released, it is anticipated to build upon the successes of previous rounds, reinforcing Equatorial Guine’s status as a significant oil and gas producer in Africa

It is, however, known, as per the AEC’s statement, that Block H and Block 02, previously operated by Nigerian privately owned exploration and production company Atlas Oranto Petroleum and Houston-based deepwater explorer PanAtlantic Energy (formerly Vanco Energy), would be among those available in the 2025 licensing round.

“The importance of exploration cannot be overstated. New licensing rounds are the lifeblood of Africa’s upstream industry, ensuring that production levels remain strong and that new discoveries continue to fuel our economies,” said Tomás Gerbasio, AEC’s vice president for commercial and strategic engagement. “Equatorial Guinea’s commitment to advancing exploration is a testament to its strategic vision, and the AEC fully supports these efforts,” he added.

Dynamic development

The upcoming 2025 licensing rounds will be conducted in the wake of dynamic upstream developments in the country.

In November 2024, Trident Energy, an independent oil and gas company headquartered in London, announced the start of production from its C-45 infill well, one of the two wells in its ongoing drilling programme at the Ceiba and Okume Complex in Block G, adding over 5,000 barrels per day (bpd).

Earlier in the year, US energy supermajor Chevron signed new production sharing contracts (PSCs) for Blocks EG-06 and EG-11, outlining investment commitments and exploration programmes, building on its existing interests in the Alen, Aseng, and Yolanda fields. Furthermore, Chevron is advancing the next phases of the Gas Mega Hub project through its affiliate Noble Energy and in partnership with Marathon Oil (acquired by NYSE-traded American multinational energy corporation ConocoPhillips in November 2024). According to the AEC, the partners will be focusing on processing gas from the Alba field in Phase II and integrating gas from the Aseng field in Phase III.

Additionally, NYSE-listed VAALCO Energy, a Houston-based independent energy firm focused on the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids, is set to lead a drilling programme and field development for Block P, having finalised a PSC for the asset in August.

The national oil company of Equatorial Guinea, GEPetrol, is currently implementing a multi-phase plan to enhance production at the Zafiro field in offshore Block B. After assuming operatorship from US energy supermajor ExxonMobil in June 2024. Phase I, commencing in early 2025, involves reconnecting selected wells previously linked to the Zafiro Producer floating production unit. At the same time, Phase II will aim to optimise well output and reduce costs, while Phase III will focus on a comprehensive redevelopment of the field.

In April 2024, GEPetrol awarded a five-year technical services contract to Londen-listed Petrofac, an international energy services company that designs, builds, manages, and maintains oil, gas, refining, petrochemicals, and renewable energy infrastructure. The contract, worth $350mn, will support operations across onshore bases, a floating production storage and offloading (FPSO) unit, and a platform. This partnership is expected to bolster domestic production efficiency.

Extensive benefits

According to the AEC, a successful licensing round is anticipated to yield extensive benefits, including job creation, infrastructure development, and enhanced local capacity. It will also strengthen Equatorial Guinea’s position as a regional energy hub, supplying both domestic and international markets.

“Equatorial Guinea’s upcoming licensing round comes at a crucial time when Africa is positioning itself to maximise the value of its resources amid shifting global energy policies. By attracting new investments and driving exploration, the country is reinforcing its commitment to energy security, economic diversification and long-term industry sustainability,” the AEC said in the statement.