Equatorial Guinea’s Ministry of Mines and Hydrocarbons (MMH) will target increased foreign capital and E&P activities in 2021, following its recent assessment of 2021 Work and Budget Programmes.
The MMH forecasts foreign direct investment of approximately $1.1 billion in 2021, comprising $832.4 million in firm commitments and $370.6 million in contingent investment.
As a result of increased investment inflows, the Central African producer expects a parallel increase in hydrocarbon production, supported by new exploration wells drilled in the Trident Energy Block G.
Earlier this year, in response to COVID-19, the MMH implemented special extensions to allow operators to continue to carry out capital-intensive E&P activities.
In March, the MMH also waived fees for oil and gas service companies operating in-country to help service providers maintain liquidity and avoid job losses.
In March, the MMH also waived fees for oil and gas service companies operating in the country to help service providers maintain liquidity and prevent job losses.
The country also prioritises the development of a number of key infrastructure and downstream projects with the aim of adding value to domestic crude production and facilitating post-COVID-19 recovery through energy diversification initiatives.
“As the upstream sector looks forward, the Ministry of Mines and Hydrocarbons will also continue its efforts to promote key projects and opportunities that have made the Year of Investment a success despite challenging conditions this year,” said Minister Lima.
