As a mature producer, Equatorial Guinea is prioritizing near-field, infrastructure-led exploration to yield new discoveries and bring additional resources into production. Trident Energy launched a three-well infill drilling campaign on Block G at the start of this year utilizing the Island Innovator rig, with all three wells expected to come onstream by mid-year. The rig will then drill the Akeng deep exploration well in Kosmos Energy-operated Block S, targeting potential resources of 180 million barrels of oil. If successful, the campaign could lead to a significant rise in output from the Ceiba Field and Okume Complex.

Meanwhile, VAALCO Energy is leading development of the Venus Field in Block P offshore Equatorial Guinea, which involves drilling two producer wells and one water injector under a single campaign. The Houston-based firm is planning to bring the project online in 2026, in partnership with national oil company GEPetrol and Atlas Petroleum. Holding interests in six blocks – including producing assets in Block I – Atlas Petroleum is currently seeking farm-in and drilling partners in Blocks EG-02 and H, in which extensive 3D seismic surveys have suggested significant hydrocarbon-bearing potential.

Attracting new players to its exploration scene, the Ministry of Mines and Hydrocarbons signed three production sharing contracts last year with Africa Oil Corp. (Block EG-18 and EG-31) and Panoro Energy (EG-01), and expects to sign another for the development of Blocks EG-06 and EG-11 in the coming months. In Block 27 – home to the untapped Fortuna gas field – GEPetrol is seeking $3.1 billion to develop more than 3.8 trillion cubic feet of gas in place. Last December, Europa Oil & Gas acquired an interest in the highly prospective Block EG-08, which features drill-ready prospects and estimated resources of 1.4 trillion cubic feet of gas equivalent.

The country is also entering the next phases of development of its flagship Gas Mega Hub (GMH) initiative, which seeks to leverage existing infrastructure to create a regional gas industry. Phase two consists of modifying the contractual terms for the Alba gas field, while phase three will facilitate gas processing from the offshore Aseng field at Punta Europa. Last October, Marathon Oil signed an LNG sale agreement with multinational commodity trader Glencore for gas produced from the Alba field. Marathon is also planning to modify its integrated gas operations in Equatorial Guinea in 2024, which includes rerouting natural gas from the AMPCO methanol facility to the EG LNG plant.

“Equatorial Guinea is doubling down on gas – a key focal point of the global energy transition and investor interest. The country is single-handedly driving one of the most ambitious LNG initiatives on the continent – the GMH – which holds the potential to establish an intra-African gas trade and catalyze gas-based industries across the region. At IAE 2024, global investors can access Equatorial Guinea’s latest investment prospects, as well as interface with the country’s relevant oil and gas authorities,” says Sandra Jeque, Event & Project Director at Energy Capital & Power.