Equatorial Guinea’s Hydrocarbons Minister, Antonio Oburu Ondo, praised the smooth transfer of oilfield assets from ExxonMobil to the national oil company, GEPetrol, marking the end of nearly three decades of Exxon’s operations in the country. This move follows ExxonMobil’s 2022 decision to exit after its licenses expired.
Ondo called the transition a milestone in the country’s petroleum sector. “The departure of this American giant closes a significant chapter in our oil history, one that introduced us to OPEC membership, while opening a promising new era”, Ondo said in a statement.
He acknowledged ExxonMobil’s substantial contribution to Equatorial Guinea’s economy, citing the oil boom initiated by the discovery of the Zafiro field in the mid-1990s. ExxonMobil’s presence played a key role in driving the nation’s economic growth, helping it achieve one of Africa’s highest per capita GDPs.
Ondo expressed confidence in GEPetrol’s ability to manage and enhance the country’s oil production. He emphasized the need to redevelop the Zafiro field and collaborate with independent firms like Kosmos Energy and Chevron to further strengthen Equatorial Guinea’s hydrocarbon sector.
The minister also outlined plans for a Gas Mega Hub (GMH), which aims to maximize the use of the country’s oil and gas reserves, boosting production and facilitating transport to regional and global markets, while addressing domestic energy needs.
However, crude oil production in Equatorial Guinea has significantly declined over the past five years, dropping from 140,000 barrels per day (bpd) to 70,000 bpd as of August, according to data from Bloomberg.