(3 Minutes Read)
Equatorial Guinea has revealed plans to initiate its first oil and gas licensing round in seven years, scheduled to begin in April 2026. The round will offer 24 exploration blocks—22 offshore and 2 onshore—in a strategic push to boost exploration activity and counteract a steady decline in hydrocarbon output.
Hydrocarbons Minister Antonio Oburu Ondo made the announcement during the African Energy Week conference in Cape Town, stating that the licensing window will remain open until November 2026. Detailed information regarding application procedures and timelines is expected to be released in early 2026.
As a member of OPEC, Equatorial Guinea’s economy is heavily reliant on oil and gas. The nation hit its production peak in 2010 at around 241,000 barrels per day, but output has since fallen sharply, reaching just 55,000 barrels per day in 2023, according to OPEC’s 2024 Statistical Review. This drop has had a notable impact on economic prospects. The IMF, in a 2025 report, projected an average annual growth rate of only 0.9% between 2025 and 2030—primarily due to declining energy production.
Despite these challenges, the country continues to attract major global energy firms, including Chevron, Trident Energy, and ConocoPhillips, who operate in partnership with the national oil company, GEPetrol. Chevron recently confirmed a deal via its Noble Energy subsidiary to develop the Aseng gas project in Block I of the Douala Basin, with an estimated investment of $690 million. The project is expected to support Equatorial Guinea’s broader goal of establishing itself as a regional LNG hub.
Complementing these efforts, Equatorial Guinea is collaborating with Nigeria on the Gulf of Guinea Gas Pipeline to promote regional energy integration. The government is also moving forward with the USD 4.5 billion EG-27 LNG project centered on the Ebano field. Backed by Afreximbank, the project aims to produce 2.4 million metric tonnes of LNG annually over two decades.
Read Also;
While the 2026 licensing round is a significant national development, it also aligns with broader African dynamics. Countries across the continent are grappling with the dual pressures of maximizing natural resource benefits while adapting to changing global energy demands and sustainability goals.
Equatorial Guinea’s move to reopen bidding reflects both a domestic need for revitalized investment and a larger continental effort to leverage energy resources for industrialization, economic progress, and regional cooperation.
