Equatorial Guinea is to become a member of the Organization of the Petroleum Exporting Countries (OPEC), according to news released today at a historic world meeting of oil producers in Vienna. The Central African gas and oil producer will be the fourth country from Sub-Saharan Africa, and will also bring vast experience and provide diplomatic magnitude to the world club for oil exporters.
World oil producers, including eleven non-member countries of OPEC, met in December 2016 to agree a reduction in the production of barrels by 1.8 million per day, which would set a satisfactory price for crude in 2017. H. E. Gabriel Mbega Obiang Lima, Minister for Mines and Hydrocarbons in Equatorial Guinea, called for unity among the exporting countries. Equatorial Guinea requested membership of OPEC in January, and the minister announced his intention to join the join the organisation at the end of the year.
“The adhesion of Equatorial Guinea to OPEC is a success. It is a moment of pride for us”, said the head of Mines. “There has never been a more important moment to be unites, and it is an honour for us to be in OPEC as a positive force within the world energy sector. We will use this platform to promote the interests of all produces and explorers for oil and gas, and all OPEC members”, he declared.
The price of oil recovered on the morning of 25th May, with the expectation of an extension to the agreement to limit production for nine months or more. The reduction in the Equatorial Guinea quota for production in the last six months was 12,000 barrels per day.
Equatorial Guinea is the third largest producer in Sub-Saharan Africa, and has one of the most dynamic energy sectors in the region. In 2017, the work will begin with two key projects: Fortuna FLNG, the first African liquid natural gas floating plant; and the Bioko oil terminal, the largest installation for the storage of oil and oil products in West and Central Africa. The minister will provide information on these projects, and on the adhesion of Equatorial Guinea to OPEC, and the conclusions of the EG Ronda 2016 round of bids for investors during the Conference on Oil and Energy, which will take place from 5th to 7th June in Cape Town (South Africa).
Source: Official Web Page of the Government of the Republic of Equatorial Guinea