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Friday, September 24, 2021
Release: African Energy Chamber
Speaking at a Bilateral Chamber hosted webinar on Wednesday the 22nd of September, H.E. Minister Gabriel Obiang Lima indicated a new Hydrocarbon Law in Equatorial Guinea, with more insights to be provided at African Energy Week in Cape Town.
H.E. Gabriel Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea, has announced the Ministry’s intention of preparing a new Hydrocarbon law focused on attracting oil investment into the country’s sector. With national targets to establish the country as an oil and gas leader, the new Hydrocarbon Law aims to enhance investment, attract both regional and international energy participants, and accelerate growth and development in 2021 and beyond.
During his presentation at the Leadership Insight Series: Equatorial Guinea webinar hosted by the Bilateral Chamber in Houston, Texas, the Minister provided insights into the proposed Hydrocarbon Law, stating that with new fiscal terms that encourage investment, the country will be able to realize its ambitious energy sector goals. H.E. Minister Gabriel Lima addressed some of the challenges related to the preparation of the new Hydrocarbon Law, emphasizing the value this new piece of legislation will have for creating both an enabling and enticing environment for investors.
Equatorial Guinea is endowed with significant oil and gas reserves that have and continue to attract significant level of foreign capital. To date, the country holds over 1.5 trillion cubic feet of natural gas reserves and approximately 1.1 billion barrels of crude oil reserves. With the Minister leading a strong campaign to enhance investment in emerging exploration and production prospects in order to drive large-scale project developments, the new Hydrocarbon Law will drive progress, promoting investment and enhancing energy sector advancement.
“Equatorial Guinea has already established itself as both an African and global oil and gas competitor. We have seen great companies like Hess, Marathon, ExxonMobil, Devon, and Chevron, explore for hydrocarbons offshore Equatorial Guinea with tremendous success. This is no time to stop and be comfortable. In the era of energy transition, and stiff competition for capital, it is important to be pragmatic and have a hydrocarbon law that deals with today’s realities and incentivize growth. We have to be more competitive, cut red tape, promote free markets, balance local content, create more jobs and increase our tax base,” stated H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons.
H.E. Minister Gabriel Lima will provide further insight into the new Hydrocarbon Law at African Energy Week (AEW) 2021 in Cape Town – taking place on the 9th-12th of November – and at the U.S.-African Energy Forum in Houston – taking place on the 9th-10th of December. By detailing the legislative specifics, addressing challenges to implementation, and emphasizing the value of the Law for enhancing investment in Equatorial Guinea’s hydrocarbon sector, the Minister is focused on accelerating energy sector growth and positioning the country as an African hydrocarbon leader
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