Middle East / Africa

Equatorial Guinea flag
Summary | Profile

Country profile: Equatorial Guinea

Location: Western Africa, bordering the Bight of Biafra, between Cameroon and Gabon
Climate: tropical; always hot, humid
Terrain: coastal plains rise to interior hills; islands are volcanic
Size: 28051 sq. km total (Land area: 28051 sq. km )
Population: 616,459 (July 2008 est.)
Languages: Spanish 67.6% (official), other 32.4% (includes French (official), Fang, Bubi) (1994 census)
Government: republic
Capital city: Malabo
Legal system: partly based on Spanish civil law and tribal custom; has not accepted compulsory ICJ jurisdiction
Currency: Communaute Financiere Africaine franc (XAF); note

Country profile

Equatorial Guinea has experienced rapid economic growth due to the discovery of large offshore oil reserves, and has become Sub-Saharan Africa’s third largest oil exporter after Nigeria and Angola. According to the World Bank, oil revenues increased in value from $3 million in 1993 to $190 million in 2000 to $3.3 billion in 2006. From 2002 to 2006 the country experienced an average real annual GDP growth of 15.8 percent. Oil exports currently represent over 90 percent of total export earnings. However, a slowdown in oil production has caused GDP growth to decelerate to 6.8 percent in 2007. Equatorial Guinea is a sub-Saharan African country consisting of a mainland area (Rio Muni province) and a series of islands.

The country’s capital, Malabo, is located on Bioko Island, approximately 25 miles off the coast of Cameroon. Despite the rapid growth in real GDP, allegations abound over how the Equatoguinean government has misappropriated its oil revenues. While the government has made some infrastructure improvements to bolster the oil industry, the average Equatoguinean has yet to experience a higher standard of living from the oil revenues as evidenced by the country’s ranking of 120 (out of 177) on the human development index in 2006. In January 2005, Equatorial Guinea pledged to increase transparency in its oil revenues and is currently implementing the Extractive Industries Transparency Initiative (EITI).

Currently, foreign oil companies are beginning to make development related investments in education (Amerada Hess) and malaria prevention (Marathon Oil and Noble Energy). Territorial Disputes In recent years, Equatorial Guinea and its neighbors have expanded their offshore oil exploration, which has increased the importance of maritime borders. In March 1999, President Obiang unilaterally adopted an equidistant median line that defined territorial boundaries as stipulated under the U.N.

Convention on the Law of the Sea. Cameroon, Sao Tome & Principe, and Nigeria accepted the decision as an improvement over the often disputed traditional boundaries. Since the 1970’s, Equatorial Guinea and Gabon have disputed the ownership of three islands in the Gulf of Guinea, including Mbagne Island. In July 2004, the two countries reached an agreement allowing joint oil exploration in the disputed territories. In February 2006, the presidents of both countries met in Geneva, Switzerland and under U.N. mediation they agreed to resolve any major outstanding border issues by 2007.

Energy production and consumption

Oil Gas
Production: 396,100 bbl/day (2005 est.) 1 billion cu m (2005 est.)
Consumption: 1,000 bbl/day (2005 est.) 1 billion cu m (2005 est.)
Exports: 371,700 bbl/day (2004 est.)  
Imports: 1,026 bbl/day (2004 est.)  
Reserves: 563  million bbl (1 January 2002 est.) 35 billion cu m (1 January 2006 est.)
Major fields:

Equatorial Guinea - recent news

20 Apr 23
Equatorial Guinea: Panoro Energy confirms award of Block EG-01 and approval of Block S farm-in offshore Equatorial Guinea
Panoro Energy has confirmed that the award of Block EG-01, announced by the Company on 20 February 2023, has been ratified by the Government of Equatorial Guinea. Separately, Panoro has announced the completion of its farm-in to the Kosmos Energy operated Block S offshore Equatorial Guinea, which was announced on 20 October 2022.
31 Mar 23
Equatorial Guinea: Marathon Oil announces agreement to further develop Equatorial Guinea Gas Mega Hub
Marathon Oil has signed a Heads of Agreement with the Republic of Equatorial Guinea and Noble Energy E.G., a Chevron company, to progress the next phases (Phases II and III) in the development of the Equatorial Guinea Regional Gas Mega Hub.
20 Feb 23
Equatorial Guinea: Africa Oil awarded Blocks EG-18 and EG-31 offshore Equatorial Guinea
Africa Oil Corp has signed two production sharing contracts with the Republic of Equatorial Guinea for offshore Blocks EG-18 and EG-31. Africa Oil will hold 80% operated interests in each block with the balance to be held by GEPetrol, the national oil company of Equatorial Guinea.
20 Feb 23
Equatorial Guinea: Panoro Energy awarded Block EG-01 offshore Equatorial Guinea
Panoro Energy has been awarded a 56% participating interest and operatorship of Block EG-01 located offshore Equatorial Guinea. Block EG-01 borders both Block G where Panoro has a 14.25% non-operated interest (and which contains the producing Ceiba Field and Okume Complex) and Block S where Panoro has agreed to farm-in to a 12 percent non-operated interest.
20 Oct 22
Equatorial Guinea: Panoro Energy to farm-in to the Kosmos Energy operated Block S offshore Equatorial Guinea
Panoro Energy has agreed to farm-in to the Kosmos Energy operated Block S offshore Equatorial Guinea for a 12 per cent non-operated participating interest.

Equatorial Guinea - more news

Other countries in this region

A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.

Subscriber Only Deals

Current Deals

Current Upstream Deals: 277

Completed Deals

Completed Upstream Deals: 6455

Company Profiles

Current Company Profiles: 2886

Corporate Activity

Current Corporate Activity articles: 4034

Companies Looking

Current number of articles: 463

Company Sales

Current Company Sales articles:1620


Current Geostudies articles: 912

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...

energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...

energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...


Subscribe to the FREE
energy-pedia Daily Newsletter

Union Jack Oil 149
Government of South Australia
Rose & Assocs 180
Telos NRG
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans

Tel: +44(0)1727 822675

Email: info@energy-pedia.com