Middle East / Africa
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)|
|Legal system:||partly based on Spanish civil law and tribal custom; has not accepted compulsory ICJ jurisdiction|
|Currency:||Communaute Financiere Africaine franc (XAF); note|
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
|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.)|
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
- Central Africa Republic,
- Congo (Brazzaville),
- Congo (Democratic Rep.),
- Cote d'Ivoire,
- Guinea (Republic),
- Guinea Bissau,
- Sao Tome,
- Saudi Arabia,
- Sierra Leone,
- South Africa,
- South Sudan,
- United Arab Emirates,
- Western Sahara,